Capstone Facilitates $38M North Carolina Community Sale
Caleb Troop, Ron Corrao and Alex McDermott arranged the disposition of the 249-unit luxury asset in Burlington.
Capstone Apartment Partners has arranged the sale of Retreat at the Park, a 249-unit luxury community in Burlington, N.C. Caleb Troop, Ron Corrao and Alex McDermott led the transaction. According to Yardi Matrix data, Carter Multifamily purchased the Class A asset from Sunchase American for $37.8 million, financing the acquisition with a $25.3 million Fannie Mae loan from NorthMarq Capital.
Retreat at the Park occupies more than 11 acres at 122 Retreat Lane. The 2015-built community consists of 11 three-story buildings. The unit mix features one- to three-bedroom floorplans. Amenities include a saltwater pool, fitness center, gaming lounge and conference room with Starbucks coffee bar. The property was approximately 98 percent occupied at the time of sale, according to Capstone.
Situated between the Research Triangle and the Piedmont Triad, the community is roughly 6 miles southwest of the city center, just north of Interstate 40. Alamance Crossing and University Commons are both within walking distance of the property. Elon University is some 2 miles north.
In February, a Capstone team including Corrao and McDermott was instrumental in the sale of a North Carolina portfolio. Southwood Realty purchased the adjacent properties in Graham for $62.5 million.