Villages at Wake Forest
Located across the street from Wake Forest University in Winston-Salem, NC, Villages at Wake Forest is a student housing community with 64 units and 251 beds. The units are predominately cottage-style 4br/4ba houses and a few older, single family homes that have been renovated to provide equal bed-bath parity. The project was developed over a span of 4 years starting in 2012 by two local investors who saw an opportunity to purchase old houses and vacant lots near Wake Forest University and build a luxury student housing product.
The property’s detached “cottage style” homes are highly desirable by students. They are larger than dorms/traditional student housing; parking is abundant with 5 parking spots for every 4 beds, no common community living, a private exterior deck, and some have garages and basements.
Villages was a well-maintained, strong performing asset. However, the property was run as a mom-and-pop operation prior to purchase. Our experienced team of operators institutionalized the operations and created value through implementing more efficient processes.