$52.5 Million Apartment Transaction the Latest Entry in Winston-Salem Sales Spike
West End Station, a 229-unit apartment community located near BB&T ballpark, was recently sold for $52.5 million. This sale is the latest in a string of apartment transactions in the Winston-Salem market over the last couple of years. This article in the Winston-Salem Journal does a good job of summarizing them:
At least 31 existing apartment complexes sold in the county over the past 16 months for a combined $332.6 million...
Buyers of the local apartment complexes who have spoken about their purchases typically say they were attracted by the socioeconomic trends in Winston-Salem and the Triad...
Mark Vitner, a senior economist for Wells Fargo Securities, said investors “are trying to find what few pockets of value there are left in the apartment market.”
“Prices have been bid up so much in larger markets, such as Charlotte, Raleigh and Nashville, that investors are increasingly looking to markets that have been overlooked and show great potential for growth.
“Winston-Salem and Greensboro are at the top of the list of overlooked markets.”