WINSTON-SALEM APARTMENTS

LFB successfully arranged $3,403,876 in preferred equity for the acquisition and eventual capital expenditures on a 168-unit value-add multifamily community in Winston-Salem, NC. The property, at time of acquisition, was 96% occupied. Given the garden/low rise style configuration of the buildings on the 14 acre site, the property will be updated on a rolling basis. The property offers its residence with amenities such as a pool, spa, fitness center, clubhouse, playgrounds, fire pits and BBQ gathering spaces.  

 

The term of the equity is 5 years which allows the sponsor time update each unit, increase rents and either sell or refinance the asset upon reaching the new stabilized value. The structure also offers the sponsor an approach to future acquisitions on a more programmatic basis to expand its portfolio in the value-add, workforce housing sector.

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