Raleigh-Area Property Trades for $43M

The new owner, a joint venture between DRA Advisors and Fogelman Properties, plans to implement both in-unit and amenities upgrades.
Lake Cameron Apartments in Apex, N.C.

Preferred Apartment Communities has sold the 328-unit Lake Cameron in Apex, N.C., for nearly $43.5 million to a joint venture between Fogelman Properties and DRA Advisors. The buyer assumed the outstanding balance of a $19.8 million loan taken by PAC in 2013, according to Yardi Matrix. The loan, held by Chatham Financial, matures in February of 2020.

Located on 23.9 acres at 1000 Cameron Woods Drive, the Raleigh-area garden-style community’s 14 buildings are positioned near the intersection of U.S. Highway 64 and Triangle Expressway, allowing for convenient access to both central Raleigh and Durham, both less than 20 miles away. The asset is situated across the street from a Food Lion grocery store, with a number of big-box retailers—including Lowe’s and Target—about one mile to the south.

Constructed in 1999, the community offers a mix of one- to three-bedroom units, ranging in size from 719 to 1,226 square feet. The asset was 95.1 percent occupied as of February, according to Yardi Matrix data. The new owner plans to upgrade unit interiors and update the property’s amenities, which include:

  • clubhouse
  • fitness center
  • outdoor swimming pool
  • dog park
  • playground
  • 680 parking spaces

Image courtesy of Yardi Matrix