WINSTON-SALEM, NC—Capstone Apartment Partners has closed the $27.95 million sale of 229 units in Winston-Salem, North Carolina. The sale comprises two properties, Villas at the Vineyard and Townhomes at Little Creek, which are both located near Hanes Mall and the junction of I-40 and US-421 in the city’s Old Vineyard and South Fork submarkets.
Capstone’s Alex McDermott, Ron Corrao, Caleb Troop, and Thomas Colaiezzi sold the properties on behalf of Lake Hill Investment Group and procured the buyer, The Derosa Group.
“The Derosa Group acquired Villas at the Vineyard and Townhomes at Little Creek with the intention of furthering their scale in the Winston-Salem market. The buyers plan to build upon the well-maintained nature of the assets by renovating interiors and modernizing the complex,” said McDermott.
Villas at the Vineyard and Townhomes at Little Creek were built in 1970 and 1966, respectively. Both assets feature one- and two-bedroom units in flat and townhome-style apartment homes. Select upgraded units boast new white cabinetry, wood-style flooring, subway tile backsplash, stainless-steel appliances, and a fireplace. Villas at the Vineyard and Townhomes at Little Creek were approximately 96.5% occupied at the time of closing.