WINSTON-SALEM, NC—Capstone Apartment Partners brokered the $20.5 million sale of Willow Creek: a 301-unit garden-style apartment community situated off US-52 in north Winston-Salem, North Carolina.
The Capstone brokerage team was led by Ron Corrao, Alex McDermott, Eric Liebich, and Rhodes Marley, who sold the property on behalf of Foster Apartment Group. The buyer is New York-based Eminent Capital.
“After 43 years, Foster Apartment Group decided it was time to part ways with Willow Creek and allow the next investor to impart fresh capital into the asset. The Capstone team was honored to assist in finding the right buyer for the property and ensure the tradition of tenant centric improvements lives on with Eminent Capital,” Ron Corrao said. “The Eminent Capital team plans to focus on upgrades to both the interiors and the exteriors, in addition to the amenities to further solidify this property as the best tenant value in the North Winston-Salem market.”
Built in 1978, Willow Creek is comprised of one- and two-bedroom apartment homes in 19 all-brick apartment buildings. Community amenities include a leasing office, swimming pool, and three laundry facilities. Willow Creek was approximately 94% occupied at the time of closing.