WINSTON-SALEM, NC — Newmark Knight Frank (NKF) announces the sale of West End Station a 229-unit, Class A mid-rise apartment building in thriving downtown Winston-Salem. The luxury apartment building, which delivered its first units in early spring 2019, is located in the West End Village District between two of the area’s largest employment hotbeds in the Wake Forest Baptist Medical Center and Wake Forest Innovation Quarter. U.S. News & World Report ranked the medical center as one of America’s Best Hospitals for 21 consecutive years. Likewise, the Innovation Quarter is one of the fastest-growing urban-based districts for innovation in the United States.
Managing Directors John Munroe and Jason Kon, Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Senior Managing Director Alex Okulski represented a development partnership between Charlotte-based DPJ Residential and Chaucer Creek Capital out of Raleigh. The property sold for an undisclosed price to EBSCO Income Properties, LLC, a wholly owned subsidiary of Birmingham, AL-based EBSCO Industries.
“West End Station is hands down the most amenity rich multifamily product in downtown Winston-Salem,” said Munroe. “The developers wanted to provide the area’s burgeoning ‘Eds and Meds’ demographic with a true sense of place that is different from typical run-of-the mill commodity urban product and the adaptive reuse and renovated warehouse / office product that is predominate in the market.”
The spacious open floor plans of West End Station include hardwood-style flooring in select areas, 42’ two-toned shaker style cabinetry, designer subway tile kitchen backsplashes, white Carrera style quartz countertops and industrial chic pendant lighting. Stainless-steel appliances include a French door refrigerator with bottom freezer and a slide-in, glass top, front controlled range. Spa-inspired bathrooms include framed mirrors, double vanities with quartz tops, tile-surround showers and garden tubs with built-in tiled niches.
Property amenities include a saltwater pool with a sun shelf and a sundeck with resort-style furniture; resident gathering space with demonstration kitchen; elevated courtyards with a fire pit; a 24-hour CrossFit inspired fitness center with yoga and spin room; and a controlled access parking deck with electric car charging.
About Newmark Knight Frank: Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com
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