WINSTON-SALEM, NC - An affiliate of Chapel Hill, NC based Eller Capital Partners has acquired the 288-unit Ashton Oaks apartment community in Winston-Salem for $16.42 million.
The acquisition of Ashton Oaks marks the first significant acquisition in the Triad for Eller Capital Partners, which has been very active in the Triangle and Charlotte markets.
Constructed in 1988, the property is located within one mile of Wake Forest University and offers one and two bedroom apartment homes.
Eller Capital Partners plans to make significant improvements to the property including renovated exteriors, new amenities and upgraded interior finishes. Eller Residential Living, the company’s property management affiliate, will manage the property and oversee the construction project.
Daniel Eller, President and CEO of Eller Capital Partners, indicated that the property’s location and the ability to increase its value by making major improvements are the two primary factors that motivated the firm to acquire the property.
“We are excited about the opportunity to acquire a community within such close proximity to Wake Forest and other major employers,” said Daniel Eller, president and CEO of Eller Capital Partners. “We look forward to making substantial property improvements and delivering a high-quality, well-managed apartment community to the submarket.”