| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 58th | Good |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2101 Homestead Hills Dr, Winston Salem, NC, 27103, US |
| Region / Metro | Winston Salem |
| Year of Construction | 1997 |
| Units | 106 |
| Transaction Date | 2004-03-29 |
| Transaction Price | $4,500,000 |
| Buyer | HCRI NORTH CAROLINA PROPERTIES III LP |
| Seller | FORMATION PROPERTIES IV LLC |
2101 Homestead Hills Dr, Winston-Salem NC Multifamily
Stabilized renter demand in the surrounding neighborhood, paired with above-median local occupancy and strong dining/amenity access, points to steady leasing fundamentals, according to WDSuite’s CRE market data. This positioning favors consistent operations while leaving room for selective value-add at the asset level.
The property sits in an Inner Suburb location within the Winston-Salem metro and benefits from strong neighborhood standing (A rating), ranking 18 out of 216 metro neighborhoods — top quartile nationally by composite performance. Dining access is a highlight, with restaurant and cafe density competitive for the metro and well above many areas nationwide, supporting day-to-day convenience that can aid retention and leasing.
Neighborhood occupancy is 91.8% (above the metro median and near the national midpoint), which supports an expectation of stable absorption rather than outsized lease-up risk. The share of renter-occupied housing units in the neighborhood is 35.8%, indicating a moderate renter concentration and a tangible tenant base for multifamily operators.
Within a 3-mile radius, demographics show recent population growth with a projected increase in both households and families over the next five years, expanding the renter pool and supporting occupancy stability. Median contract rents in the area remain accessible relative to incomes, which can help sustain retention while still allowing for disciplined rent management. Home values are lower than many U.S. neighborhoods, which can introduce some competition from ownership, but also broadens the addressable renter base for well-located multifamily.
The average neighborhood construction year is 1990. This property’s 1997 vintage is somewhat newer than nearby stock, positioning it competitively versus older assets; investors should still plan for ongoing systems maintenance and targeted renovations to keep finishes and amenities aligned with renter expectations. Amenity access is generally favorable, though park access is limited, and average school ratings are below many metros — factors to consider when targeting family-oriented demand.
Safety indicators in this neighborhood trend weaker than national comparisons, with crime levels ranking below the metro average (128 out of 216), and national percentiles suggesting elevated exposure relative to many U.S. neighborhoods. Violent and property offense measures sit in low national percentiles, indicating that investors should underwrite for prudent security measures and potential insurance implications.
Recent data also reflect a near-term uptick in property-related offenses, while violent offense trends have been relatively stable. Monitoring quarterly trajectories and coordinating with on-site management for lighting, access controls, and resident engagement can help support leasing and retention despite these conditions.
The area draws from a diversified employment base anchored by financial services and consumer brands, supporting a broad workforce renter pool and reasonable commute times to major employers including BB&T Corp., Reynolds American, Hanesbrands, and VF.
- BB&T Corp. — financial services (4.3 miles) — HQ
- Reynolds American — consumer products (4.5 miles) — HQ
- Hanesbrands — apparel (9.5 miles) — HQ
- VF — apparel & footwear (28.6 miles) — HQ
2101 Homestead Hills Dr is a 1997-vintage, 106-unit asset positioned in a top-quartile Winston-Salem neighborhood with strong dining/amenity access and above-median local occupancy. The property is slightly newer than the area’s average vintage, providing a competitive edge versus older stock while still offering scope for targeted upgrades to support rent positioning. Neighborhood rent-to-income levels indicate manageable affordability pressure, which can reinforce retention, and the 3-mile area shows population and household expansion that supports a larger tenant base over time, based on CRE market data from WDSuite.
Investors should weigh these fundamentals against a weaker safety profile and limited park access, along with below-average school ratings that may temper family-focused demand. Underwriting for security, thoughtful amenity programming, and selective value-add can help capture steady demand from nearby employment centers and maintain occupancy stability.
- Top-quartile neighborhood standing with strong food-and-beverage amenity access supporting retention
- 1997 vintage is newer than nearby stock, enabling competitive positioning with targeted renovations
- Above-median neighborhood occupancy and moderate renter concentration point to stable leasing
- 3-mile demographics show growing households, supporting a larger renter base over time
- Risks: weaker safety metrics, limited parks, and below-average schools warrant conservative underwriting