A California real-estate development group has flipped the Morgan Place Apartments complex in Clemmons, making a $4.53 million profit in just 14 months of ownership.
The Carmel, Calif., affiliate of Morrison Avenue Capital Partners spent $14.3 million to buy the 234-unit complex on July 18, 2018, according to Forsyth County Register of Deeds filing.
On Monday, the group sold the complex for $18.83 million to Morgan Place Apartments LLC, based in Jackson, N.J.
The buyer's member and organizer is listed as Yaakov Shulman, according to a filing with the N.C. Secretary of State's office. The limited liability company was formed July 30.
The 18.3-acre property is at 6901 Morgan Place Drive off Lewisville-Clemmons Road, less than a mile south of West Forsyth High School. The apartments were built in 2000.
It is the second time within a year that a Morrison Avenue affiliate flipped a Triad apartment complex to a residential real-estate group owned by Shulman.
MACP Kerner Mill LLC spent $9.6 million to buy the Kerner Mill Townhomes complex in Kernersville in October 2017 from L.E. Pope Building Co. Inc.
Although Morrison Avenue indicated it was prepared to hold onto the Kerner Mill property at 195-A Willow Bend Court for three to seven years, it sold the property in November 2018 for $14.4 million to KM Townhomes II LLC.
Shulman deferred immediate comment Tuesday on the two apartment complex purchases.
Counting the latest Morgan Place sale, there have been at least 26 existing apartment complexes that have been sold in Forsyth over the past 12 months for a combined $216.9 million.
The most expensive in an expansive trend of Forsyth County apartment-complex sales involves The View at 5010 complex in Winston-Salem.
A Colorado real-estate investment group changed in July ownership affiliation of the 433-unit complex at 5010 Split Rail Circle, off University Parkway.
The transaction, valued at $28 million by a Forsyth County Register of Deeds filing, represented a transfer between affiliated members of Interurban Cos. of Centennial, Colo. The owner is now listed as Interurban Commerce Park LLP.
The Hilltop House Apartments complex in downtown Winston-Salem also was sold in July for $17.75 million by L.M. "Bud" Baker, the former top executive of Wachovia Corp.
The Bedrin Organization, based in Glen Rock, N.J., bought the 169-unit complex at 241 S. Cherry St. and 126 Brookstown Ave.
Bedrin paid $10.83 million for the 2.56-acre South Cherry site and $6.92 million for the 0.74-acre Brookstown site, according to Forsyth Register of Deeds filings.