Sherman Residential Acquires Raleigh Multi-Family Complex for $48.5M; The Carroll Organization Buys Apartment Community in Chapel Hill for $30M
- Dec 05, 2014
by Adriana Pop, Associate Editor
The 298-unit Manor Six Forks apartment community in Raleigh now has a new owner.
According to the NewsObserver, Deerfield, Ill.-based Sherman Residential has recently bought the complex for $48.45 million. The acquisition also included a retail center and an adjacent 16-acre parcel at the corner of Atlantic and Hodges Road.
Located at the intersection of Atlantic Avenue and Six Forks Road, the property was completed in 2010 by Raleigh real estate company The Boylan Cos. It was later foreclosed upon and acquired by a Massachusetts investor for $37.1 million at a foreclosure auction in 2012. The following year, Aspen Square Management, also of Massachusetts, bought the complex for $30.9 million.
The community offers a variety of one-, two-, and three-bedroom apartment homes with luxury features including private balcony or patios, quartz countertops and walk-in closets. Amenities include a swimming pool, clubhouse with Internet Café, a high-energy fitness center, theater room, dog park, putting green and outdoor terrace. The community is also situated within two miles of North Hills and within walking distance to Holly Park Shopping Center, Costco, and Kroger.
In other news, the Triangle Business Journal reports that the Carroll Organization of Atlanta has purchased the 200-unit Notting Hill apartment community in Chapel Hill from Texas investor Crow Holdings. Located near the Durham County line, the property sold for $30.5 million.
To complete the acquisition, the Atlanta investment company has partnered with AIMS Real Estate, a business unit within Goldman Sachs Asset Management.
The companies will now continue the renovation project initiated by the community’s previous owner. About 80 percent of the units still need to be upgraded with new stainless steel appliances, resurfaced countertops, wood flooring, new lighting and hardware fixtures.
Carroll Management Group will manage the property.
In 2013, the Carroll Organization also acquired the 369-unit New Haven at the Park community in Durham, which it renamed Arium Research Triangle Park. So far this year, the firm has purchased a total of 14 multifamily properties valued at more than $570 million.
Photo credits: www.manorsixforks.com