The Bedrin Organization is proud to announce the acquisition of Hilltop House Apartments, 241 South Cherry St., Downtown Winston-Salem, NC. Hilltop House Apartments is a $17.75 million dollar investment, comprised of 169 residential apartment units.
The complex is in three separate buildings. The first was built in 1962 as a Holiday Inn motel, later became a Best Western and was then completely converted in 2011 and 2012 into 54 units. The second, the North Tower, was built in 2012 with 50 units. The South Tower was built in 2014 using pre-fabricated pod components, adding 65 units.
“We are excited about the direction Downtown Winston-Salem is going, with a focus on arts, culture and the influence of the Innovation Quarter,” said Bedrin. “We want to provide a reasonably priced option for housing downtown.”
Bedrin said that the complex shares a pool, a fitness center, a laundry room, a social room and an outdoor area, which includes a strollway. It’s within walking distance to Old Salem and bars, restaurants and cultural attractions downtown.
“There is nothing in downtown Winston-Salem that has been renovated to modern standards that is under $1,000 per month in the residential rental market,” said Bedrin. “New construction is running between $1,000 and $1,500. Hilltop House Apartments average below $1,000 and that’s where we want to stay. It’s a good spot to be at.”
The Bedrin Organization is committing $127,000 as part of the Fannie Mae Green Rewards program to reduce electric and water usage on the property. Those improvements include new faucets and shower heads, LED lighting and new washers and dryers. In addition, Bedrin will also be creating a new dog park, painting outdated areas and creating a monthly event calendar in order to foster a sense of community.
“There is excellent growth downtown and we want to provide a reasonably priced housing option,” said Bedrin. “The workforce such as teachers, nurses and med tech workers are in high demand in Downtown Winston-Salem and we want to provide a housing option for them that is reasonably priced and fair.”
Adding a residential apartment complex further diversifies The Bedrin Organization’s investment portfolio and is in line with our Bedrin Family real estate investment philosophy: Don’t be an out-of-town, out-of-sight, buy-and-sell-quickly-and-move-on developer.
“We’re known for high quality shopping center development in the Triad, because we bought our first property there in April 2007 and we’ve held onto it,” said Bedrin. “We want to become known for providing good reasonably priced residential housing in the Triad as well.
“With our retail centers, we treat our tenants like our customers, because their success is our success. It’s the same with housing: the success of our tenants, whether they are college students, starting a career as a healthcare worker or teacher, or wherever they may be in life, is our success and to a larger extent, contributes to the success of the community.”