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Greystone and Harmony Housing have expanded their affordable housing footprint with the acquisition of four communities in Forsyth County for a combined $22 million. The portfolio totals 212 units across properties in Winston-Salem and Kernersville and was acquired from Foresight Affordable Housing.
The buyers paid $8.3 million for Pine Valley, a 108-unit affordable housing complex located at 5300 Countryside Drive in Winston-Salem. Pine Valley represents the largest single asset in the portfolio by unit count. The purchase further consolidates Greystone and Harmony Housing’s presence in the Winston-Salem market.
Whitford Place, another Winston-Salem asset in the transaction, sold for $6.5 million. The community comprises 76 units and is located at 400 Whitford Place Court. Together with Pine Valley, it brings the Winston-Salem share of the portfolio to the majority of the acquired units.
In Kernersville, Greystone and Harmony Housing acquired Lyons Walk for $5.33 million. Lyons Walk is a 72-unit complex at 500 Lyons Walk Drive and is the only property in the portfolio located outside Winston-Salem, though it remains within Forsyth County. The addition of Lyons Walk gives the buyers a second foothold in the county beyond Winston-Salem city limits.
The final asset in the transaction is Andrews Height, a 56-unit community in Winston-Salem. The buyers paid $2.15 million for the property, which is located at 125 Ferrell Heights Court. With Andrews Height included, three of the four acquired communities are situated in Winston-Salem, with the fourth in Kernersville.
According to the parties, Greystone previously owned three of the four properties in the portfolio before this latest transaction. The deal effectively repositions ownership of the assets under the combined involvement of Greystone and Harmony Housing while maintaining their status as affordable housing communities.
Harmony Housing Affordable Development was formed in 2023 when it acquired the property development and advisory business of Greystone Affordable Development. That transaction created a dedicated platform for affordable housing development and advisory work under the Harmony Housing Affordable Development banner, building on Greystone’s prior activities in the sector.
The portfolio acquisition from Foresight Affordable Housing adds over 200 affordable units to the holdings of Greystone and Harmony Housing in Forsyth County. The transaction highlights continued investment activity in affordable multifamily assets in and around Winston-Salem and Kernersville, with both firms using their established experience in the space to expand their presence in the region.
The post Greystone, Harmony Housing Acquire 212 Affordable Units in Winston-Salem and Kernersville appeared first on CRE Market Beat.
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