Northridge Capital Closes $15M Investment in NC Development

The company established a joint venture with a local developer to build the 115-unit, Class A apartment building in Winston-Salem.

By Laura Calugar

The future 757 North Apartments in Winston-Salem, N.C.
The future 757 North Apartments in Winston-Salem, N.C.

Winston-Salem, N.C.Northridge Capital LLC recently closed on a $15 million investment in 757 North Apartments, a four-story multifamily construction development in Winston-Salem, N.C. Laurel Street Residential is Northridge Capital’s partner is this project. Equity is being provided by Northridge Capital LLC on behalf of its offshore investors. Debt financing for the project has been arranged by NewBridge Bank and the City of Winston-Salem.

Upon completion, the community will total 78,694 square feet and will sit on a 2-acre lot, less than 4 miles southeast of Wake Forest University in downtown Winston-Salem. The apartment building will offer 115 units, of which 29 will be workforce housing units and 86 market rate units. The mix will consist of studio, one- and two-bedroom units. Units will include hardwood flooring and 9- and 10-foot ceilings, stainless steel appliances, granite countertops, in-unit washers and dryers and private balconies. Residents will also benefit from a fully equipped fitness center, a coffee bar with Wi-Fi access and game room with outdoor patio.

The 175-acre Wake Forest Innovation Quarter is adjacent to the future property. The innovation center 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 accommodation options for young working professionals and families.

Northridge Capital LLC is an independent real estate asset management firm that has invested in more than 40 assets on behalf of investors, with a combined acquisition value of approximately $800 million.

Laurel Street Residential is a leading mixed-income, multifamily housing development company based in Charlotte, N.C.

Image courtesy of Northridge Capital LLC