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Dec. 23, 2013

Middle Street Partners Acquires Mebane Multi-Family Community for $21.5M

by Adriana Pop, Associate Editor

Middle Street Partners LLC of James Island, S.C. has acquired the Carden Place Apartments at 101 Carden Place Drive in Mebane. According to the CoStar Group, Greensboro-based Brown Investment Properties sold the 240-unit community for $21.5 million, or approximately $90,000 per unit.

Hal Kern, Richard Montana, and Phil Brosseau with CBRE’s Carolinas Multi-Housing Group represented Middle Street Partners, while the seller handled the transaction in-house.  

Located about 20 miles northwest of Chapel Hill, the 337,470-square-foot multi-family property spreads across 14.9 acres of land. It was developed in 2011 and offers residents easy access to the Tanger Factory Outlet Centers. Amenities include a clubhouse, a resort style swimming pool, a fitness center, a leash-free dog park, a media room, a car wash center, a fenced playground, free garden plots, as well as 24-hour emergency maintenance.

In other news, the Triangle Business Journal reports that an affiliate of South Coast Commercial LLC of Bluffton, S.C. has paid $3.5 million for the acquisition of the North Market Square retail center in north Raleigh. The seller of the 33,990-square-foot property was Oberlin Endeavors LLC.

The transaction was brokered by Andrew Margulies with the Raleigh office of Marcus & Millichap Real Estate Investment Services.

Developed in the mid-1980s, North Market Square is anchored by Kanki Japanese Steakhouse. Cosmo Prof, The Good Feet Store, Bra Patch and Stringers Tennis are also among the tenants of the property, which was 90 percent leased at the time of sale.

Photo credits: Matkins Photography 2011

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