June 26, 2019

Community Housing Partners (CHP), a Virginia-based nonprofit provider of affordable and sustainable housing across the Southeast and Mid-Atlantic, has purchased a 142-unit apartment complex in Winston-Salem, North Carolina for $6.4 million.

CHP closed on Kensington Village Apartments, which features one-, two-, and three-bedroom apartments in 17 buildings spread over 12.5 acres, on May 31. Kensington Village joins five other CHP apartment communities in the Tar Heel State.

“Community Housing Partners is excited about the opportunity to serve the residents at Kensington Village Apartments and the greater Winston-Salem area,” said Kirsten Anderson, Vice President of Asset Management at CHP. “We have a growing multi-family rental portfolio across six states in the Southeast and Mid-Atlantic, and Kensington Village will be a welcome addition to our North Carolina presence.”

The apartment community, which is five miles from downtown Winston-Salem and was renovated in 2009, is an example of affordable housing preservation without the use of Low-Income Housing Tax Credits. All rents are affordable to families earning 80% of the area median income, or approximately $49,000, due to a HUD deed restriction and a loan from the City of Winston-Salem. (Read more about the financing for Kensington Village.)

According to Anderson, Kensington Village Apartments provides homes that “enable people that work within the communities and cities to live there.” She added, “Sometimes housing prices are rising so much that people who work within the community can’t always afford to live in it.”

The residents and staff at Kensington Village Apartments will remain and join the CHP family.