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Greystone Picks Up Cary Brook Apts. for $24.3 Million

Financial Services and Private Investment Group Closes On Research Triangle Area Asset
March 6, 2014
Greystone boosted its multifamily portfolio with the acquisition of the Cary Brook Apts. in Cary, NC for $24.3 million, or about $68,000 per unit.

Constructed in 1984, Cary Brook is a 360-unit garden-style apartment community located at 101 Harlon Dr., about nine miles west of Raleigh.

The acquisition reflects the company's penchant for acquiring multifamily properties with "value-add" potential, including light rehabilitation and improved management.

"The Cary Brook multifamily property represents the ideal target for our owner / operator strategy, where we can add immediate value to an asset and leverage the upside of growing markets," said Bill Guessford, managing director of Greystone Acquisitions and vice president of Greystone Property Management.

John Heimburger, Sean Wood, Dean Smith and Blake Okland of Apartment Realty Advisors coordinated the disposition on behalf of the seller.

Please see CoStar Comp #2963267 for more information on the transaction.

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