Cheferkon Partners, which focuses on acquiring multifamily assets in the Atlanta market, is helming its first ground-up development project in Winston-Salem on Kester Mill Road. The company typically acquires already-built projects. And for its first build, the company is spreading the risk among a handful of other project participants. Carr Building Co will be part of the development team. Other partners include Goldstone Capital Ventures, Three Keys Investments and Alliance Capital of Florida.
Development on the three-story, 184-unit One Salem Apartment complex is expected to begin in about five to six months, with a total completion time of 18 months to two years. The Triad Business Journal reports that the project will likely cost $38 million to $40 million.
The complex will have seven buildings and a clubhouse, as well as amenities such as covered parking spaces, an outdoor pool, a dog park and a pickle-ball court.
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