Organization That Owns 10 Triad Shopping Centers Buys First Apartment Community

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A New Jersey-based company currently owns ten shopping centers in the Piedmont Triad and has now entered the apartment market with the purchase of a Winston-Salem property. From the Triad Business Journal:

The Bedrin Organization, which owns 10 Triad shopping centers, has purchased Hilltop House Apartments in downtown Winston-Salem for $17.75 from retired Wachovia Corp. CEO and chairman L.M. “Bud” Baker in a deal that closed Monday…

The 169-unit community at 241 S. Cherry St., includes three buildings, and has an interesting history. The first building was built in 1962 as a Holiday Inn, later became a Best Western and was converted into 54 units in 2011 and 2012. The 50-room North Tower was built in 2012. The 65-unit South Tower was built in 2014 using pre-fabricated pod components.

“We are excited about where downtown Winston-Salem is going, with the arts and the culture that is there, with the Innovation Quarter,” said Garret Bedrin, who oversees acquisitions, leasing and investor relations for the New Jersey-based family company. “We want to make sure that there is a reasonably priced option for housing downtown.”