The Housing Authority of Winston-Salem has sold Rolling Hills Apartments to PK Management LLC, according to a news release Friday.
The housing authority sold the 114-unit complex at 770 Ferrell Court off New Walkertown Road for $1.9 million. The city had bought the property for the housing authority through a 1996 lease agreement.
The authority had made bond payments, but the city had an outstanding balance of $842,912. The sale clears the debt, the news release said.
PK Management LLC is a national company that owns and manages 22 housing properties that accept Section 8 tenants in North Carolina, including Asheboro and Burlington. The company sent a letter to Rolling Hills tenants Wednesday to inform them of the sale.
"PK Management is a private firm with vast experience in the management of similar properties," said Larry Woods, CEO of the housing authority.
He said in the news release that the company had access to "capital market resources" that it could use to make improvements to the property. Woods could not be reached Friday.
Officials with PK Management also could not be reached Friday.
This is the second time this year that the housing authority has sold one of its properties to settle a debt. In September, the Winston-Salem City Council voted to forgive a loan so the housing authority could sell Oak Creek Apartments to Nathan Tabor, a local developer and the head of the Forsyth County Republican Party.
The city took a $1.7 million loss on the loan. Tabor offered the housing authority $800,000 for the property, which had been valued at about $770,000.
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