Source: Northridge Capital / #Apartments #Multifamily
WINSTON-SALEM, NC - Northridge Capital closed on its investment in 757 North Apartments, a $14.9 million multifamily construction development in the city of Winston-Salem, North Carolina. Northridge Capital established a joint venture partnership for the project with local developer, Laurel Street Residential, in 1st quarter of 2016, breaking ground in February.
Upon completion, 757 North will total 78,694-square feet and will sit on a 2.09-acre lot 3.4 miles southeast of Wake Forest University in Downtown Winston-Salem. The four-story apartment building will offer 115-units, of which 29 are workforce housing units and 86 market rate units. The unit mix will include studio, one-bedroom and two-bedroom units. Apartments will offer hardwood flooring and 9- and 10-foot ceilings, stainless steel appliances, granite countertops, in-unit washers/dryers, and private balconies. Residents will also enjoy generous amenity spaces, including a fully-equipped fitness center, café and coffee bar with Wi-Fi access, and game room with outdoor patio.
Adjacent to the property lies the 175-acre Wake Forest Innovation Quarter, which currently employs 3,000 people and is projecting an increase to 10,000 by 2017 and 25,000 at total build out. 757 North will be one of the closest, Class A apartment communities to the Wake Forest Innovation Quarter, offering premier living options for young working professionals and families looking to work/live/play in an urban environment.
Equity for the project is being provided by Northridge Capital, LLC, on behalf of its offshore investors. Debt financing for the project has been provided by NewBridge Bank and the City of Winston-Salem.