Goldman Sachs Division Buys North Carolina Property
- Dec 18, 2019
Tradition at Stonewater, a 351-unit suburban community in Cary, N.C., has changed hands. The Merchant Banking Division of Goldman Sachs has purchased the garden-style property from Banner Real Estate Group.
JLL Capital Markets Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch, Director Caylor Mark and Senior Vice President Andrea Howard, closed the deal on behalf of the seller and also procured the buyer. Six months ago, part of the same brokerage team assisted Proffitt Dixon Partners in the sale of a 245-unit asset in Charlotte, N.C.
Located at 12000 Wisdom Drive, the property provides easy access to major employment centers such as Research Triangle Park and Duke University & Medical Center. Built 10 years ago, the asset features one- to three-bedroom units, averaging 1,016 square feet. Community amenities include a saltwater swimming pool, outdoor lounge, fitness center, theater room, business center and gated dog park. At the time of the sale, the 14-building property was 96 percent occupied.
According to Yardi Matrix data, Tradition at Stonewater last traded in 2014, when Banner purchased it for $45.6 from Jamestown. Back then, the buyer used a $29.7 million Fannie Mae loan originated by Allianz to finance the acquisition.
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