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Two Multifamily Assets Trade for $41M

FAYETTEVILLE, NC-On the market for only a month, Kings Cross and Kings Pointe sell to a Seattle buyer for $41 million. The complexes total 444 units.

By Melissa Kress | Updated on September 20, 2006

(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%.

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