Hudson Capital Sells Raleigh-Area Community for $58M
- Nov 11, 2020
PassiveInvesting.com has acquired Hudson Cary Weston, a 288-unit Class A multifamily asset in Cary, N.C. Hudson Capital Properties sold the community for $57.6 million. Berkeley Point Capital provided a 10-year, $42.9 million acquisition loan through Freddie Mac, according to public records. Newmark acted on behalf of the seller.
The property last traded in 2017, when Duck Pond Realty sold it for $46.8 million, Yardi Matrix shows. Completed in 1996, the garden-style community is located on 33 acres at 1000 Heathmoor Lane, 10 miles west of central Raleigh and approximately 1.5 miles south of Interstate 40.
The property’s 27 three-story buildings have one-, two- and three-bedroom floorplans. Common-area amenities include a fitness center, business center, clubhouse, tennis court and swimming pool. The apartments, with an average size of 965 square feet, have 9-foot ceilings and in-unit washer/dryers. Covered parking is available on-site.
Even as Raleigh-Durham’s multifamily investment volume has declined this year, buyers continue to seek out well-located, stabilized Class A assets. In August, a joint venture between Round Hill Capital and Cortland paid nearly $50 million for a 205-unit property some 7 miles west of Hudson Capital’s sale.