KERNERSVILLE, NC—Capstone Apartment Partners announces the $57.25 million sale of The Grove at Kernersville: a 216- unit apartment community located within the North Carolina Triad region. Situated on 21.12 acres off Interstate 40, the asset is nearly equidistant between Winston-Salem and Greensboro, offering proximity to the Piedmont Triad International Airport—just 11 miles away. Additionally, The Grove at Kernersville is adjacent to a Novant Healthcare Center as well as the recently completed Kernersville VA Clinic.
The Capstone brokerage team was led by Charlotte-based Caleb Troop, Austin Green, and Alex McDermott, who sold the property on behalf of David Thiemann Real Estate. The buyer is Indianapolis-based Pedcor.
“This asset has been incredibly well-maintained and managed over the last five years,” Troop said. “Fundamentals for quality multi-family assets like this one in the Triad are strong right now. Investment interest from out-of-state buyers is increasing rapidly thanks to recent jobs announcements from Toyota, Boom and others.”
Built in 2015, The Grove at Kernersville is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, granite countertops, stainless-steel appliances, ceiling fans, walk-in closets, washer/dryer in unit, and a patio or balcony. The gated community boasts a generous amenities package including a swimming pool, clubhouse, TV lounge, playground, tanning bed, fitness center, guest room, courtyard, picnic/grilling areas, and four bark parks. The Grove at Kernersville was approximately 97% occupied at the time of closing.