The Housing Authority of Winston-Salem on Wednesday finalized the sale of the Rolling Hills Apartment Complex to PK Management LLC, a nationwide management company specializing in Section 8 housing properties. Larry Woods, chief executive officer of the Housing Authority of Winston-Salem says, “PK Management is a private firm with vast experience in the management of similar properties.” He says the company has access to capital market resources that can be used to make significant improvements to the property.
The complex sold for $1.9 million. It is a series of two-story buildings made up of 114 three and four bedroom apartments at 770 Ferrell Court off New Walkertown Road. The city purchased the property on behalf of HAWS through a 1996 lease agreement. HAWS made the bond payments that funded the city’s purchase of the property from a private owner. Sale proceeds covered the city’s outstanding balance of $842,912.00. The sale removes all financial and management interests for the Housing Authority and the city.
PK Management, which owns and manages twenty-two other Section 8 housing properties in North Carolina including Asheboro and Burlington, sent a letter to Rolling Hills’ tenants on Wednesday, informing them of the sale. The letter instructed tenants on how to contact the new management company for issues concerning rental agreements, maintenance, and non-emergency crime issues.
The property is subsidized by Housing Urban Development and must go through periodic inspections by HUD. It also must be maintained consistent with city codes and rehabilitation standards.