(To read more on the multifamily market, click here.)
FAYETTEVILLE, NC-Horizon Realty Advisors of Seattle has acquired two local apartment complexes in a $41-million deal. The class multifamily communities are Kings Cross and Kings Pointe, with a combined 444 units.
The seller was a group of companies controlled by locally based Morganton Management & Development. CB Richard Ellis brokered the deal on behalf of the seller, with Jeff Glenn in Raleigh, and W. Jay Sumner and D. Mac Alexander in Charlotte leading the efforts. The deal carried a cap rate between 6% and 6.5%.
Morganton decided to sell Kings Cross and Kings Pointe to settle future estate issues, Glenn, senior vice president of CBRE, tells GlobeSt.com, adding that the properties were only on the market for a month. The properties are 98% occupied, he says.
Kings Cross consists of 200 units and is at 5725 Ivanhoe Court. Built in 1995, the community is located on 13.65 acres and features a heated outdoor pool, private wine cellar, gas log fireplaces and a fitness center.
Kings Pointe consists of 244 units in 10 buildings and is at 230 Sawtooth Dr. Built in 2000, the community is located on 15.4 acres and features a fitness center, manned security access, gas log fireplaces and a lakeside pool.
"Morganton builds an outstanding product," Glenn explains in a press release. "The quality of the apartments, combined with the strength of the Fayetteville market generated enormous interest in the offering on a national basis."
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