Zaremba Group Buys NC Community for $45M

The sale of the 191-unit luxury multifamily asset near Raleigh comes less than four months after the property opened its doors.
District Station Apartments. Image via Google Earth

Casto has sold District Station Apartments, a 191-unit luxury community near Raleigh, N.C., to Zaremba Group for $44.6 million, according to Yardi Matrix. Zaremba financed the acquisition with a $24.8 million loan from PNC Bank. The property delivered earlier this year in April, following approximately two years of construction work.

Located at 2312 Bristol Creek Drive in Morrisville, N.C., the five-story building is some 10 miles west of downtown Raleigh. The community is near a large variety of shops and restaurants along Chapel Hill Road, and the Prestonwood Country Club is a short distance west.

District Station has one-, two- and three-bedroom units, with floorplans between 800 and 1,617 square feet. The property’s amenity mix includes a conference center, dog park, game room, outdoor pool and game room. A multi-level parking structure at the southwestern corner of the asset provides more than 300 spaces for residents for an additional monthly fee.

Morrisville continues to draw multifamily investors, boasting rent growth averaging 5.8 percent year-over-year through June, outpacing the metro average and more than double the national rate. Zaremba’s acquisition is positioned a couple of miles south of another mid-rise community which recently sold to RK Properties for $46.5 million.