Greystone Acquires Multifamily Property in North Carolina for $24.3 Million
March 5, 2014
Research Triangle Apartment Complex Will Benefit from Efficient Owner / Operator Model
Greystone today announced the $24.3 million acquisition of Cary Brook Apartments, a 360-unit multifamily property located in the Research Triangle area of North Carolina.
Greystone actively seeks to acquire multifamily properties that have a “value-add” component, including repositioning through light rehabilitation and improved management. The ideal acquisition targets are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.
Cary Brook, constructed in 1984, comprises 23 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Cary, NC property, purchased from RFI Cary Brook LLC, will transition to new property management provided by Greystone Property Management Corporation, which oversees thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.
“The Cary Brook multifamily property represents the ideal target for our owner / operator strategy, where we can add immediate value to an asset and leverage the upside of growing markets,” said Bill Guessford, Managing Director of Greystone Acquisitions and Vice President of Greystone Property Management. “After analyzing the property’s offerings and the solid market drivers for the greater Raleigh area, we feel confident that this acquisition will serve as a strong performer in our growing portfolio,” he added.