The list of Forsyth County apartment complexes in the last 12 months has been extended with the sale of Cedar View and Woodbridge properties.
Cedar View was sold at $ 2.28 million, and Woodbridge sold for $ 2.07 million, according to Forsyth County Register of Déeds filings.
The buyer of both properties is affiliated with LityA Equity LLC of New York, and is the Quatro Real Estate Groupe LLC dealer of Orlando, Fla.
Cedar View has 67 units on 6.53 acres of 2367 Bethabara Road in Winston-Salem. It was built in 1971.
There are 60 units on Woodbridge on 8.04 acres from 4333-G Grove Ave. to Winston-Salem. It was built in 1974.
Forsyth has hot commodities in its hot commodities.
Cedar View and Woodbridge, 17 existing over the past 12 months have been sold for a combined $ 138.6 million, and a number of hundred units have recently been constructed or completed.
The largest complex apartment sale took place in May 24 when Chapel Hill residential investment company Eller Capital Partners spent $ 16.42 million to purchase Ashton Oaks in the Winston-Salem unit.
Sales and construction driving trends are working groups, according to economists, those born between 1981 and 1996 who are now aged between 23 and 38 years of age.
“The sudden interest in the development of speculative apartments represents a risk capital response to demographic and psychological trends of thousands of years over the past decade,” said Tony Plath, retired financial professor at UNC Charlotte.
“The current generation of young adults is to postpone milestone events, such as marriage, buying a house and having children until they enter their 30s.”
The Urban Institute said in a 2018 thousand year housing report that the marriage rate among young adults has fallen from 52.3% in 1990 to 38.5% in 2015.
“Even for white families married to children and with substantial household income, the home ownership rate is 2 to 3 percentage points lower than for similar families in the previous two generations, suggesting a change of attitude towards home ownership,” the institution said.
“These trends contribute to the sustainable demand for apartment housing, increasing rental rates and increasing returns to rental property owners,” Plath said.
“A convenience apartment complex provides a millennium with features such as ponds, such as pools, gyms and other amenities. Most apartments are close by and close to grocery shops, coffee shops and restaurants, making it even more attractive. ”
A local example of the residential mix that Clemmons Town Center Apartments, a $ 12.5 million complex, 312 units from Lewisville-Clemmons Road and Interstate 40 in Clemmons.
“The investors are trying to find what are the remaining value pockets in the flat market,” said Mark Vitner, senior economist for Wells Fargo Securities.
“Larger markets, such as Charlotte, Raleigh and Nashville, have offered so many prices that investors are increasingly looking at forgotten markets that show great growth potential.
“Winston-Salem and Greensboro are on top of forgotten markets.”
.Leave a comment