Published: Oct 09, 2011 02:00 AM
Modified: Oct 08, 2011 06:12 AM
Investors' strong appetite for Triangle apartments is showing no signs of waning.
Three complexes in Cary have sold in recent days for a total of just over $90 million.
The most noteworthy was the sale of Preston Reserve in Cary for $40.5 million, according to Wake County property records. The price was $6.5 million more than the seller, Centennial Holding, a private Atlanta real estate firm, paid for the 360-unit complex in February 2010. The buyer was a group of investors led by Greensboro-based Bell Partners.The other two apartment deals involved the 276-unit Chancery Village at the Park and the 186-unit Boundary Village. Chancery Village sold for $35.9 million, according to property records. The complex opened last year. The buyer was Simpson Housing of Denver. Boundary Village, built in 1999, was purchased for $13.7 million by a North Carolina corporation with a Raleigh address.
The Triangle apartment market had an occupancy rate of 95.3 percent in the third quarter, up 1.8 percentage points from a year earlier, according to MPF Research, which analyzes apartment data in 64 U.S. metro markets.
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