WOODLAWN APARTMENTS – 96 UNITS IN WINSTON-SALEM, NC

Woodlawn Apartments is a 96-unit apartment community located in Winston-Salem, N.C.The property features sixty-six one-bedroom (650 SF) and  thirty two-bedroom (1,000 SF) floorplans. The property is situated across approximately 15.81 acres and consists of 72,900 SF of GBA across 13 total buildings.

Current ownership has invested approximately $455K into capital improvements over the course of the last 12 months. Woodlawn Apartments offers investors an opportunity to acquire a well positioned property at an attractive basis with a proven value-add program and organic upside.

The asset is located off Weatherwood Ct in southern Winston-Salem, conveniently surrounded by multiple dining, retail, entertainment and employment centers, including Winston-Salem’s largest employer Atrium Health Wake Forest Baptist Medical Center. As part of the Piedmont Triad Region, Winston-Salem’s local economy has historically depended on tobacco, textile, and furniture manufacturing. In more recent times, the metro has expanded its economic base with major industries including healthcare, finance, trade and transportation. Atrium Health Wake Forest Baptist Medical Center and Novant Health are the metro’s largest employers and are key drivers of its health service employment growth. The metro’s Finance sector is currently led by Truist and Wells Fargo, both of which also round out the top five employers in Winston-Salem. In 2022, Forsyth county experienced average rent growth of approximately 7.1% and an average sales price per unit of over $100k/unit (CoStar).

A recent phase I ESA report identified a neighboring parcel to the property as one that had previously been used as a landfill for an old armory. After additional testing was done, the final Phase II ESA report concluded that the results warranted “no further action is needed”.