ARA Newmark Closes $53M NC Deal

Vice Chairman Dean Smith and Executive Managing Director Sean Wood brokered the sale of 292-unit Cary Greens at Preston to Rivendell Global Real Estate. The Connor Group sold the 18-building asset.

ARA Newmark, an investment advisory firm in the multifamily sector, sold Cary Greens at Preston, a 292-unit community near Raleigh, N.C. The Cary, N.C., property traded for $52.5 million. Dean Smith, vice chairman, and Sean Wood, executive managing director, facilitated the sale to Rivendell Global Real Estate, a New York City-based private real estate investor and asset manager. The Connor Group sold the 18-building asset, which last traded back in 2015 for $39.8 million, according to Yardi Matrix data. 

Located at 2500 Grove Club Lane, Cary Greens at Preston features 119 one-, 161 two- and 12 three-bedroom units, ranging from 700 square feet to 1,365 square feet. Amenities include a fitness center, a business center, a swimming pool, a spa and 438 parking spaces.

Strong area demographics

Cary Greens at Preston was built in 1996. The community is near the center of the commuter-driven Triangle job market, which provides convenient access to all major area transportation arteries. The property is close to some of the area’s largest employment nodes in the Research Triangle Park—50,000 employees—and the Weston Parkway office corridor—18,000 employees.

The estimated 2016 average family household income in the area is more than $133,000, while the estimated median home price is nearly $355,000 within a one-mile radius of the property. The Preston Country Club is less than one mile from the community.

“This exceptionally located asset will allow Rivendell to expand on the moderate interior renovations that have already seen an increase in rent. The existing and planned interior upgrades will continue to attract a highly affluent resident profile and will augment rents to just below those of new properties in the area,” Smith said .  

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Images courtesy of Yardi Matrix