More than 200 affordable apartments in Forsyth County just got a new lease on life. Greystone and Atlanta-based Harmony Housing have spent about $22 million to buy four income-restricted communities across Winston-Salem and Kernersville, the latest in a wave of national investors scooping up older subsidized housing to keep it from slipping out of the affordable pool.
The Deal And The Addresses
The newly acquired properties are Pine Valley, with 108 units at 5300 Countryside Drive; Whitford Place, with 76 units at 300 Whitford Place Court; Lyons Walk, with 72 units in Kernersville; and Andrews Heights, with 56 units in Winston-Salem. Those unit counts and locations are listed on Foresight Affordable Housing's site.
How The $22 Million Shakes Out
According to ConnectCRE, Greystone and Harmony Housing paid $8.3 million for Pine Valley, $6.5 million for Whitford Place, $5.33 million for Lyons Walk and $2.15 million for Andrews Heights, bringing the total to roughly $22 million. ConnectCRE also reports that Foresight Affordable Housing was the seller and that Greystone previously owned three of the communities, citing local reporting.
Who Is Behind The Buyer
Harmony Housing Affordable Development, the nonprofit development arm linked to Harmony Housing and Greystone’s former development team, came together in 2023 after it acquired Greystone Affordable Development's property-development and advisory business. That transaction, reported by Multi-Housing News, folded Greystone’s development expertise into an Atlanta-based owner that now regularly picks up smaller affordable housing portfolios.
How This Fits The Bigger Preservation Push
This Forsyth County deal lines up with a broader preservation strategy. Earlier this year, Greystone arranged an $80.9 million recapitalization to rehab 640 rural North Carolina units, as reported in $80.9M Rural Rescue. These kinds of preservation plays generally aim to finance repairs and extend long-term affordability, even if the exact rehab schedule often surfaces later.
So far, neither buyer has publicly released a timetable for renovations or any major management changes, according to ConnectCRE. We will update this story when developers or local officials share details on rehab plans, tenant communications or funding sources.
