EBSCO Income Properties Pays $53M for Newly Built Community
- Dec 13, 2019
DPJ Residential and Chaucer Creek Capital have sold West End Station, a 229-unit Class A building in Winston-Salem, N.C., for $52.5 million, according to Yardi Matrix. The asset was acquired by EBSCO Income Properties, who received a Freddie Mac acquisition loan of $37.5 million from Hunt Real Estate Capital. Newmark Knight Frank represented the seller in the transaction.
Completed in May, West End Station comprises one- and two-bedroom apartments with stainless-steel appliances and spa-inspired bathrooms. Common-area amenities include a pool with sun shelf and sundeck, gathering space with demonstration kitchen, fire pit, fitness center with spin room and parking with electric car charging station, among others.
Located at 206 N. Green St., on 5.4 acres, the property is within the city’s downtown area. Wake Forest Baptist Medical Center and Wake Forest Innovation Quarter, two of the area’s largest employment hubs, are roughly 2 miles from the property.
NKF’s team included Managing Directors John Munroe and Jason Kon, Vice Chairmen Sean Wood, John Heimburger and Dean Smith and Senior Managing Director Alex Okulski. Last month, the same team brokered the sale of a 236-unit community in downtown Durham, N.C.