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 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.