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Villages at Wake Forest

Villages at Wake Forest is a student housing community in Winston-Salem, NC.


 

Property:

Villages at Wake Forest is a luxury student housing community across the street from Wake Forest University in Winston-Salem, NC. The property was purchased as 64 cottages with 281 beds. cottages are mostly 4br/4ba houses spread across 2 neighborhoods.


The purchase also included a large contiguous parcel that could be used for additional cottages or to build a larger dorm-style building with 60 beds.


 

Strategy:

Maximize rent potential through light capital improvements to enhance overall appeal and marketability in this prestigious neighborhood. Additional upside by splitting current double-lots and building more cottages as well as the potential construction of the dorm-style graduate housing.

 

Highlights:

Our business plan includes the following improvements.

  • As of mid 2020 we’ve built an additional 24 units on land that was included in this property purchase.

  • Rents have been brought to market levels and the property is 100% leased for the current year and nearly fully leased for the following year..

  • We’ve begun pre-development work and planning for the potential 60 additional beds on our adjacent lot directly across from the college.

 

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