Grimley Capital Buys North Carolina Asset for $48M
The sale closed at a 27 percent premium compared to 2020.
Grimley Capital has acquired Retreat at the Park, a 249-unit community in Burlington, N.C. Carter Exchange sold the asset with help from Berkadia. The buyer paid $48 million, or $192,771 per unit, according to Yardi Matrix.
Additionally, the firm took out a $33.3 million Freddie Mac permanent loan, originated by Berkadia Commercial Mortgage. The note is set to mature in 2036.
The sale price marks a 27 percent increase over the property’s prior transaction, according to the same data provider. The asset most recently traded before in April 2020, for $37.8 million.
Built in 2015 at 122 Retreat Lane, the multifamily development is midway between the Research Triangle and the Piedmont Triad and close to Interstate 40. Downtown Greensboro, N.C., is within 18 miles, while Piedmont Triad International Airport is 31 miles away. There are also multiple larger retail options within a 3-mile radius.
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The three-story property comprises 11 residential buildings. Units have one-, two- and three-bedroom layouts, ranging from 689 to 1,334 square feet. Select floorplans have private balconies or patios.
Shared amenities at the 11-acre community include a fitness center, clubhouse, playground, business center and swimming pool. The property also has laundry facilities, a barbecue and picnic area, an outdoor fireplace and a game room.
Berkadia Senior Managing Director Caleb Troop, Director Thomas Colaiezzi and Associate Directors Matt Robertson and Drew Kwiatkowski led the sale. Managing Director Brian Huff secured the acquisition financing.
Piedmont Triad multifamily sales on the rise
The Winston-Salem-Greensboro metro saw 19 properties—2,689 units—trading in 2025 for $418.2 million, according to Yardi Matrix information. This figure marks an increase from the $356.4 million registered the previous year, when 20 assets encompassing 2,915 apartments changed hands.
The market also saw a considerable rise in the average price per unit. Apartments in the Piedmont Triad traded for $155,504 on average in 2025, compared to the slightly lower $122,254 in 2024.
One of the metro’s most notable multifamily transactions last year was the sale of 198 Milltown Apartments. StoneRiver Co. acquired the 288-unit property from Zimmer Development Co. for $66.9 million. The deal equated to $232,292 per unit, well above the market’s recent averages.
