Hilltop House

Hilltop House is 168 units consisting of 2 separate but adjacent complexes managed as one. Hilltop House North was originally constructed in 1962 as a Holiday Inn hotel, later flagged to Best Western, then completely redeveloped in 2011-2012 to 103 market rate apartments. Hilltop House South was built in 2014 using pre-fabricated pod construction and hosts 65 market rate apartments. The Owner’s policy has been not to raise rents to existing tenants, some dating back to inception in 2012. The Owner also doesn’t charge for parking which most competing complexes in downtown Winston-Salem do. This is where most of the value-add potential lies. On average rents can withstand a $0.30-$0.40/sf raise.
168 units total; 115 units less than 6 years old 103-unit Hilltop House North (redeveloped in 2011-2012) 54 units in building A (North) constructed in 2012-2013 49 units converted from hotel 65-unit Hilltop House South (built in 2014) Historical 100% Occupancy (15% students) High end shared amenities Ideal location for residential, south of Business-40, but close enough to walk to bars and restaurants Amenities include Pool, Fitness Center, Laundromat, Strollway, on-site parking Opportunity Zone property Winston-Salem is home to award-winning restaurants, a lively cultural scene filled with art galleries, museums, theaters, breweries and wineries, and a downtown that has been named one of the top ten in the country by Livability.com. The Old Salem district, a cobblestone’s throw from the subject properties, is a prominent feature of Winston-Salem’s downtown and home to Salem College and Salem Academy.