DEAL OF THE DAY: N.C. Apartments Sell for More Than $4 Million

Raleigh, N.C.–Schrader Properties, headquartered in Raleigh, N.C., recently purchased a 168-unit apartment complex in Raleigh for $4,950,000.Mustard Seed Lincoln Palms, LLC sold the Cedar Point Apartments. Raleigh-based real estate advisor Sperry Van Ness represented the seller.Deaton Investment Real Estate founder Steve Deaton, CCIM, represented the buyer.Built in 1971, Cedar Point

Raleigh, N.C.–Schrader Properties, headquartered in Raleigh, N.C., recently purchased a 168-unit apartment complex in Raleigh for $4,950,000.Mustard Seed Lincoln Palms, LLC sold the Cedar Point Apartments. Raleigh-based real estate advisor Sperry Van Ness represented the seller.Deaton Investment Real Estate founder Steve Deaton, CCIM, represented the buyer.Built in 1971, Cedar Point features one-, two- and three-bedroom units. The property also offers on-site laundry facilities, a swimming pool and walking access to large retail centers. The property was 94 percent occupied at the time of purchase.