WINSTON-SALEM, NC—Capstone Apartment Partners has closed the $14,625,000 sale of Gardens at Country Club: a 137-unit townhome-style apartment community on the west side of Winston-Salem, NC. The tree-lined property is situated on 14.82 acres near a vast assortment of retail and dining establishments along Hanes Mall Blvd.
Capstone’s Ron Corrao, Alex McDermott, Austin Green, and Rhodes Marley sold the property on behalf of Atlanta-based SNC Investment Partners, who completed a full scale renovation on 77 of the 137 units and installed impressive new amenities including a community grilling station, playground, dog park, and an upgraded pool.
“We are delighted with how well the project turned out. We acquired the asset because we believed in the property’s strong strategic location and its underlying value-add potential to be unlocked. Our investors are thrilled with another successful project closed out and with the 30% annualized ROI they achieved. I take pride in what we accomplished here and with handing over the reins to the next owners of a property in such great condition and with still so much more remaining potential,” said Sean Coyle, owner of SNC Investment Partners.
The buyer, Charlotte-based Gingko Residential, plans to continue to build upon the previous owner’s upgrades and will push forward with additional improvements to the community.
“Gingko’s addition of Gardens at Country Club to their sizable portfolio in the Triad region further cements their status as the preeminent owner-operator in the market. This asset in particular adds to the quality and diversity of product types they offer to prospective tenants looking for safe, quality places to live,” said Corrao.
Gardens at Country Club was built in 1969 and was partially renovated in 2019. Select units feature upgraded finishes including wood-style flooring, white shaker cabinetry, brushed nickel fixtures, stainless-steel appliances, low flow toilets, and more. The community has a unit mix comprised of one- and two-bedroom apartment homes and was 95% occupied at the time of closing.
