Triangle Business Journal
McCann Realty Partners and New York-based DRA have purchased The Crest at Brier Creek Apartments, a 291-home community in Raleigh, for $37.5 million.
Built in 2013 near ACC Boulevard and Glenwood Avenue, the garden apartment community is located in the Brier Creek submarket in northwest Raleigh will provide the two buyers with an upscale asset.
"The Crest at Brier Creek provided us with the opportunity to purchase a newly constructed Class A asset in a good location that will benefit from the dynamic long-term job growth expected to continue in Raleigh," says McCann's Vice President of Acquisitions Thomas Upson, in a release.
McCann and DRA purchased the Brier Creek property from a subsidiary of The Residential Group of Atlanta for about $128,866 per unit. Pegasus Residential will take over management of the property following the acquisition.
McCann President Matthew T. Akin saysthe Raleigh market is key for multifamily development due to the presence of Research Triangle Park, a highly-educated workforce and a good quality of life.
Crest at Brier Creek is one of several newly opened apartment complexes in Brier Creek that have been selling to new investors. Passco Companies in March paid $38.4 million for the 270-unit Carrington at Brier Creek apartment community.