It is the largest multi-family residential transaction in the county for 2024
According to a Forsyth County Register of Deeds filing Tuesday, the 222-unit complex at 472 Lindsay St. was purchased by Paseo NC LLC of West Los Angeles.
The sellers are Lindsey Manor Property LLC and Lindsey Manor TIC LLC, both affiliates of Gindi Equities of New York City. Those groups gained a profit off the sale given they paid $24.5 million for the campus in October 2021.
Lindsey Manor features a mix of one- two- and three-bedroom apartments conveniently located near downtown Kernersville. Gindi Equities conducted apartment interior renovations, a full reroofing, a new dog park and grilling area, and upgrades to the pool and playground.
The next most expensive apartment transaction in Forsyth during 2024 was the Crowne Club apartment complex in the South Fork section of Winston-Salem that sold for $31.7 million in July. The 33.6-acre complex at 105 Crowne Club Drive contains 250 units.
Since 2018, at least 133 existing apartment complexes have sold in Forsyth for a combined $1.8 billion.
Although the Forsyth County and Triad apartment sectors have proven attractive to mostly out-of state buyers, sales had cooled somewhat during 2024.
In November, the historic Loewy Building in downtown Winston-Salem was sold for $3.1 million to High Tide Capital of Bangor, Maine, with plans for up to 52 residential units and about 10,000 square feet of retail.
Driving the Triad apartment selling and building trends, according to economists, are millennials — those born between 1981 and 1996.
“An apartment complex offers convenience to millennials with resort-like features, such as pools, gyms and other amenities,” said Jennifer von Pohlmann, a spokeswoman for Attom Data Solutions, a national real estate research firm. Additionally, most apartments are also close to grocery stores, coffee shops and restaurants, making them more compelling to younger people.”
Mark Vitner, chief economist with Piedmont Crescent Capital, said investors “are trying to find what few pockets of value there are left in the apartment market.”
“Prices have been bid up so much in larger markets, such as Charlotte, Raleigh and Nashville, that investors are increasingly looking to markets that have been overlooked and show great potential for growth.”
