Hudson Capital Properties Pays $55M for NC Community

Located in Cary, N.C., the 302-unit property will undergo extensive capital improvements across all units. The seller was White Oak Partners.
Cornerstone

Hudson Capital Properties (HCP) has acquired a 302-unit community in Cary, N.C., for $55 million from White Oak Partners. CBRE Capital Markets arranged a 10-year Freddie Mac financing loan for the acquisition for $33 million, according to Yardi Matrix data.

Located just off High House Road, between NC Highway 55 and Davis Drive, Cornerstone was built in 1997 and is situated near Research Triangle Park, the area’s largest employment area and largest research park in the U.S. The community is also located near several shopping option, including Harris Teeter and Publix.

The community is 97 percent occupied and offers a mix of one-, two- and three-bedroom units with an average size of 969 square feet. Common amenities at the property include a fitness center, business center, clubhouse, tennis court, swimming pool and a 604-space parking lot.

Growing prtfolio

“We are planning an extensive value-add, capital improvements campaign at Cornerstone, which includes upgrading all 302 units to top of the market finish levels and significantly enhancing the property’s amenity set,” said Robert Cohen, II, chief investment officer of HCP, in prepared remarks. “The community will also benefit from the its proximity to Apple’s new headquarters, which is expected to bring as many as 10,000 jobs to North Carolina, including a major investment in Research Triangle Park.”

In January, HCP added to its Southeast portfolio with the acquisition of two multifamily properties in Cary, N.C., and Norcross Ga., for a total of $66 million.

Image courtesy of Hudson Capital Properties