Sale of Winston-Salem Apartment Community Continues Trend

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The recent sale of Towergate Apartments continues a trend of apartment purchases by companies from outside the region. From the Winston-Salem Journal:

Another Forsyth County apartment complex has been sold to an out-of-region buyer, this time Towergate Apartments in Winston-Salem for $10.94 million.

The buyer is Ginkgo Towergate LLC of Charlotte, and the seller is Towergate Associates LLC of Winston-Salem, according to a Forsyth County Register of Deeds filing Tuesday. The deal closed Tuesday….

The complex was built in 1985 and has 259 units within 25 buildings on 14.65 acres.

The sale is the latest of a recent spree of apartment complex purchases in the county…

Other recent apartment complex sales include: the 209-unit Carolina Woods in Winston-Salem for $11.5 million; 213-unit Loxley Chase in Winston-Salem selling for $16.25 million; 234-unit Morgan Place in Clemmons for $14.3 million; 204-unit Twin City Townhomes in Winston-Salem for $10.15 million; 144-unit Salem Crest in Winston-Salem for $7.5 million; 96-unit Woodlawn in Winston-Salem for $3.5 million; and the 49-unit apartment complex at 1976 Maryland Ave. in Winston-Salem for $1.45 million.