The transit-oriented project will be adjacent to a rail station.
Institutional Property Advisors arranged the deal.
Cottage Gardens, built in the 1960s, traded in an off-market deal.
The value-add community came online in 1986.
Mayor Eric Adams’ proposals aim to squeeze every unit possible out of the city’s five boroughs.
The project is located midway between Duke University and UNC Chapel Hill.
Executives evaluate where it leaves the industry now.
JLL Capital Markets brokered the transaction and secured a $36 million acquisition loan.
Saddlehorn Vista Apartments marks the final acquisition in the firm’s third value-add investment fund.
The Wolff Co. sold the 360-unit asset.