Kernersville, North Carolina, is a quiet community located in the heart of the Triad. With a population of just over 24,000, residents of this history-rich area continuously boast about its small-town feel. Kernersville’s local parks, historic downtown, and vibrant community events pair nicely with the large-scale amenities the bigger cities nearby offer, including several medical centers. The community’s high quality of life is appealing to both new and old residents, meaning overall population and household growth are projected to increase in the years ahead. Because of this, the rehabilitation of Village East Apartments is an important venture for Kernersville. The project developer, Weaver Investment Company, has been committed to Village East Apartments since the very beginning - it was an affiliate of their company who originally built the community in 1989. The development, which consists of 88 garden-style units in 11 two-story buildings, underwent extensive interior and exterior renovations.
Acq & Rehabilitation: 88 Units
Private Equity Investment: $5,401,483
Local Jobs Supported: 107
Local Government Revenue: $727,584
Projected Ongoing Annual Effect:
Local Jobs Supported: 26
Local Government Revenue: $388,080
Additionally, residents also received a new community building for social gatherings and potlucks. The location of this complex is ideal with a grocery store, pharmacy, medical center, and schools nearby. Weaver Investment Company has a long history in the LIHTC Program with over 5,000 affordable housing units in the Carolinas and Virginia. The developer was assisted by their long-time cohort Partnership Property Management, one of the 50 largest managers of affordable housing in the United States. In addition to the indoor space for residents, the community received a $15,000 Active Lifestyle Grant through the CAHEC Foundation, a nonprofit affiliate of CAHEC, to help install a wonderful youth playground.
Donna Wall, Property Manager at Village East remarked, “The residents all love the new upgrades and are very grateful for the work done at their property. The playground, funded in part with a grant from CAHEC, is a big hit with the many children living in the apartment community!” The community of Kernersville offers its residents a high quality of life, small-town appeal, and rich history. According to his diary, President George Washington had breakfast at a local tavern in 1791 while on his southern tour. Since then, two other presidents have graced the streets of the municipality - George W. Bush and Bill Clinton. As population growth continues to rise in the Kernersville area, the demand for housing, especially affordable housing, will continue to be a necessity. The renovation of Village East positions itself to provide residents an affordable, safe place to live and play for years to come.