WASHINGTON, D.C. (November 8, 2016) -- Northridge Capital, LLC closes on its investment in 757 North Apartments, a $14.9 million multifamily construction development in the city of Winston-Salem, North Carolina. Northridge Capital established a joint venture partnership for the project with local developer, Laurel Street Residential, in 1st quarter of 2016, breaking ground in February.
Upon completion, 757 North will total 78,694-square feet and will sit on a 2.09-acre lot 3.4 miles southeast of Wake Forest University in Downtown Winston-Salem. The four-story apartment building will offer 115-units, of which 29 are workforce housing units and 86 market rate units. The unit mix will include studio, one-bedroom and two-bedroom units. Apartments will offer hardwood flooring and 9- and 10-foot ceilings, stainless steel appliances, granite countertops, in-unit washers/dryers, and private balconies. Residents will also enjoy generous amenity spaces, including a fully-equipped fitness center, café and coffee bar with Wi-Fi access, and game room with outdoor patio.
Adjacent to the property lies the 175-acre Wake Forest Innovation Quarter, which 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 community to the Wake Forest Innovation Quarter, offering premier living options for young working professionals and families looking to work/live/play in an urban environment.
“The 757 North multifamily development is just the sort of short-term value-add investment opportunities many of our offshore investors are seeking,” said David W. Jackson, President of Northridge Capital, “and dynamic, fast-growing North Carolina submarkets such as Winston-Salem and other growing urban centers are of special interest. The opportunity to work with Laurel Street and its quality team of professionals, with their local knowledge and long experience, made this project extremely compelling, and we look forward to a long and successful relationship.”
Equity for the project is being provided by Northridge Capital, LLC, on behalf of its offshore investors. Debt financing for the project has been provided by NewBridge Bank and the City of Winston-Salem.
About Northridge Capital
Northridge Capital, LLC, is a private, independent commercial real estate asset management firm in Washington, DC and focuses on providing investment and advisory services to offshore high-net-worth family groups and institutions 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. Based in Washington, D.C. since its founding in 1997, the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.
About Laurel Street Residential
Laurel Street Residential is a leading mixed-income, multifamily housing development company based in Charlotte, NC. With over 35 years of collective experience in affordable, workforce and market rate developments, Laurel Street Residential is passionate about developing high-quality residences with superior amenities, features, and programs for working families and seniors throughout the Southeast.