WINSTON-SALEM, NC—Capstone Companies is pleased to announce the successful sale of the Tannery Mills Development Site, a ±10.23-acre property located at 108 State Street in Winston-Salem, North Carolina. The sale closed on September 30, 2024 for a price of $2,325,000.
The transaction was led by Managing Director of Multifamily Investment Sales, Eric Liebich, and Firm Partner, Ron Corrao, with brokerage team members Josh Greenwald, Scott Fuller, Matt Weinstein, Dane Lozier, and Mike Mosher assisting in the sale process. Capstone sourced both the seller, JK Land Company and the buyer, Wynnefield Forward, LLC – a prominent North Carolina based developer of affordable multifamily apartment communities.
“We’re thrilled to have facilitated this transaction,” said Liebich. “This sale represents a significant investment in the community and will contribute to the continued growth in the local MSA. The site’s location, zoning, and development potential make it an exceptional opportunity for Wynnefield in their efforts to help meet the affordable housing needs of the immediate submarket,” added Liebich.
“The property’s proximity to major employers, retailers, commercial services, and higher education institutions makes Tannery Mills an ideal location for residential development,” said Davis Ray, Director of Development at Wynnefield. “Future residents will benefit greatly from the site’s ideal location and its immediate access to main thoroughfares,” added Ray.
Along with a streamlined development process due to its existing zoning and entitlements, the property benefits from the strong, growing market, which is experiencing increasing demand for high-quality affordable housing. Its proximity to Wake Forest University provides easy access for students and faculty, and the site is conveniently located near major grocery stores, retail shopping centers, and main thoroughfares. This development is poised to bring value to the community for years to come.
Media Contact:
Emma Woodward
Digital Marketing Specialist
ewoodward@capstone-companies.com
