WINSTON-SALEM, NC—Capstone Apartment Partners has closed the $5.35 million sale of Plantation Place: a 1980’s vintage, 112-unit garden-style apartment community in south Winston-Salem just off Interstate 40.
The Capstone transaction team was led by Ron Corrao, Alex McDermott, Caleb Troop, and Rhodes Marley, who sold the property on behalf of Wickenden Partners and Eagleview Capital, and procured the buyer, Charlotte-based Ginkgo Residential.
“Plantation Place is a solid addition to Ginkgo’s already strong Winston-Salem portfolio,” Corrao said. “The asset offers the opportunity to continue upgrading units as well as add additional community amenities on the property’s abundant green space to further enhance the resident experience.”
Built in 1982 and 1984, Plantation Place is comprised of one-, two-, and three-bedroom apartment homes in two-story all-brick apartment buildings. Each apartment home features wood-style flooring, a fully equipped kitchen, ceiling fans, a private walk-up entry, and washer/dryer connections. Select units have been upgraded with new white appliances, granite-style countertops, and new bathroom vanities. The community’s amenities include a swimming pool, leasing office, surface parking, and a large amount of green space. Plantation Place was approximately 95% occupied at the time of closing.