Gindi Equities announced the sale of Lindsey Manor Apartments, a 222-unit multifamily community at 472 Lindsey Street in Kernersville, North Carolina.
The sale closed in late December and was the largest residential transaction of the year in Forsyth County, which encompasses the City of Winston-Salem and a number of rapidly expanding towns, including Kernersville. Acquired by Gindi Equities in October 2021 for $24.5 million, Lindsey Manor features a mix of one- two- and three-bedroom apartments conveniently located near downtown Kernersville, as well as several of the area’s top schools and employers, and major highways.
Gindi Equities completed a series of capital improvements to enhance the property, including apartment interior renovations, a full reroofing, a new dog park and grilling area, and upgrades to the pool and playground.
“Our successful repositioning and sale of Lindsey Manor highlights Gindi Equities’ ability to uncover opportunities with significant upside and deliver exceptional results,” said Al Gindi, President and Co-Founder of Gindi Equities. “Through disciplined management and execution, we elevated the asset’s profile, attracting an off-market offer that exceeded expectations, reflecting the strength of our investment approach and strategic priorities.”
This transaction is Gindi Equities third successful sale in North Carolina in four months. In September, Gindi Equities sold Greenview Meadows in Gastonia, for $14.5 million. Gindi acquired the 109-unit multifamily community in February 2021 for $10 million. After acquiring the nearby Cedar Ridge Apartments in April 2021 for $10 million, Gindi Equities sold the 104-unit multifamily community for $13.5 million in August.
Founded in 2020 by Raymond and Al Gindi, Gindi Equities is a New York City-based investment manager specializing in multifamily assets. Backed by G72 Holdings, the family office of Raymond Gindi and family, the firm embodies the family’s commitment to building and managing high-quality specialized teams and strategies, delivering best-in-class execution and superior investment outcomes.
Gindi Equities owns and operates multifamily properties across the Southeast and Midwest, focusing on value-add and core-plus opportunities. The firm targets high-growth markets with strong economic drivers and significant population expansion, leveraging its expertise to exceed investor expectations and expand its footprint in key regions.
