Community Housing Partners Acquires Kensington Village Apartments for $6.4 Million

WINSTON-SALEM, NC – JDS Real Estate Services and Affordable Housing Investment Brokerage recently brokered Kensington Village Apartments in Winston-Salem for $6,400,000. Jennifer D. Stein with JDS Real Estate Services, Inc. and Jeffrey Clousing with Affordable Housing Investment Brokerage, Inc. represented seller The Finch Group. Community Housing Partners acquired the property to expand its presence in North Carolina.

Community Housing Partners is excited about the opportunity to serve the residents at Kensington Village Apartments and the greater Winston-Salem area,” said Kirsten Anderson, Vice President Asset Management, Community Housing Partners. We have a growing multi-family rental portfolio across six states in the Southeast and Mid-Atlantic, and Kensington Village will be a welcome addition to our North Carolina presence.”

Kensington Village Apartments, located at 479 Louise Wilson Lane, is a 142-unit apartment building. Acquired by The Finch Group in 2005, the apartment building was fully renovated by 2009.

“The tri-city area is attractive for multifamily investors because of continued population growth and economic opportunity,” said Jeffrey Clousing, who focuses his brokerage efforts on affordable housing properties throughout the Southeast region of the country. “The HUD deed restrictions made this a unique transaction. Our marketing efforts were specifically targeted toward a niche buyer profile that included the appropriate affordable housing experience to acquire and seamlessly transition management of Kensington Village Apartments under its affordable housing restrictions ”

“Jeff Clousing with AHIB did an excellent and timely job directly sourcing qualified buyers for Kensington Village,” said Wesley Finch, Chairman of The Finch Group. “His understanding of affordable housing programs and contacts in the southeast region resulted in a highly qualified buyer for this unique property.  Jeff and AHIB remained involved throughout the sales process and we are pleased with the result.”

About Affordable Housing Investment Brokerage: Affordable Housing Investment Brokerage, Inc.’s (AHIB) sole purpose is the direct, confidential sale of affordable housing. Driven by a passion for maximizing client wealth and serving an industry that provides a vital social need, AHIB’s principals have sold over $1 billion in niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. AHIB maximizes value through marketing by agents who provide a single source for affordable housing and local real estate knowledge.

About Community Housing Partners: Founding in 1975, Community Housing Partners (CHP) provides quality-built, responsibly-managed, service-enriched homes for low-income individuals and families across the Southeast and Mid-Atlantic. Through its mission to create homes and communities that are healthy, sustainable, and affordable, CHP has been a leading advocate of affordable housing development in Virginia for over 40 years. CHP's activities include real estate development, construction management, energy services and training, asset management, property management, realty and homeownership, and comprehensive resident services. CHP is an equal opportunity provider, employer, and lender. To learn more about CHP, please visit www.communityhousingpartners.org

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