California Real Estate Co. Sells 392-Unit Apartment Community in North Carolina
- Jan 07, 2008
Asheville, N.C.–Santa Ana, Calif.-based Triple Net Properties LLC sold a 392-unit apartment complex in Asheville, N.C. on behalf of tenant-in-common investors for an undisclosed amount in late December. The Meadows Apartments community was sold to the Steven D. Bell & Company of Greensboro, N.C. Pender Murphy of Apartment Realty Advisors, headquartered in Atlanta, brokered the transaction.The Meadows Apartments, built in three phases between 1974 and 2001, includes 25 two- and three-story apartment buildings. Units are 994 square feet on average and feature walk-in closets, washer/dryer connections, gourmet kitchens, fireplaces and private patios or balconies.Situated on 35 acres, the property includes amenities such as a clubhouse, playground, fitness center, laundry facility, tennis courts, outdoor grills and two swimming poolsThe Meadows is currently 91 percent occupied.Triple Net Properties LLC, a wholly owned indirect subsidiary of real estate service and investment management firm Grubb & Ellis Company, manages a portfolio of nearly 39 million square feet of real estate, including more than 10,000 apartment units, with a combined market value in excess of $5.4 billion.