N.Y. company acquires three Triad apartment communities in $61 million deal

A New York real estate investment firm has purchased three distressed multi-family Winston-Salem communities totaling 817 apartment units as part of a $61 million deal.

Arch Cos. purchased the Twin City, Silas Creek and Chesterfield apartment communities. Whispering Pines Apartments in Spartanburg, South Carolina, was the other complex included in the package. The seller was non-profit Invest in America’s Veterans Foundation (IAVF) based in Florida.

According to a spokesperson for Arch, the properties were sold as a package with no breakdown of the price of each community. IAVF paid a combined $54.2 million for the four properties in 2017.

According to a release, a subsidiary of Arch secured $61.5 million in financing from Walker Dunlop and will reinvigorate the properties through an extensive renovation and rebranding plan. The new portfolio will be managed by Ore Living and Wellington Advisors.

Chesterfield, located off Healy Road near Hanes Mall, has 294 units. Twin City, at 1805 Franciscan Drive, has 285 units. Silas Creek, 1010 Oak Grove Road, has 228 units. Whispering Pines, a 312-unit complex in Spartanburg, was the scene of a fatal shooting in August.

Arch has been active in the Southeast, purchasing approximately 2,000 units in the past three months, including 868 units in Jacksonville, Florida. Arch has acquired multi-family properties in Alabama, California, Connecticut, Florida, North Carolina and South Carolina.

IAVF purchased all three Winston-Salem properties for a combined $37.3 million in 2017, paying $15.36 million for Twin City; $11.4 million for Chesterfield; and $10.53 for Silas Creek (formerly Colonial Village). IAVF also bought Whispering Pines in 2017, paying $16.89 million.

Last year, Cedar Grove Capital of New York, paid $10.6 million for Margate on Cone, a similar property in Greensboro. Cedar Grove dramatically improved conditions and occupancy at Ashton Oaks in Winston-Salem after acquiring it.

By: John Brasier, Triad Business Journal

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