Crescent Resources has sold its Circle at South End complex for $74 million, a near-record price for an N.C. apartment community.
Circle at South End was sold to an undisclosed buyer, according to a press release from the developer.
“This transaction speaks volumes about the results and differentiation of our multifamily developments,” said Brian Natwick, president of multifamily with Crescent Resources. "Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming."
With 360 units and 8,000 square feet of retail space, the Circle’s buyer paid roughly $205,555 per unit.
The highest price paid for an apartment project was $103.375 million, or $223,755 per unit, for the 462-unit Catalyst, which was sold in March 2011, according to research from Real Data.
Investors and developers have become increasingly bullish on the apartment market as the rest of commercial development remains relatively
flat. More people are
expected to turn to renting as mortgages remain difficult to get. Other people
may be scared of a still-soft housing market.
Circle at South End opened in May 2009, the first 100-percent smoke-free
community. Located less than one mile from uptown, the project has been 100
percent leased since opening, according to the developer.
Sarofim Realty Advisors was Crescent Resources’ capital partner in the project. CBRE Group represented Crescent in the sale.