Commercial property firm Heritage Capital Group LLC purchased three apartment complexes in Cary and Raleigh, NC, from The Embassy Group LLC, a multifamily investment company, for $51.55 million, or about $53,309 per unit.
The deal cosisits of 967 units totaling 974,400 square feet and includes: Williamsburg Manor, which delivered in 1972 at 1248 Donaldson Drive in Cary; The Lofts, which delivered in 1975 at 214 Lofts Lane; and The Lakes Apartments at 6615 The Lakes Drive in Raleigh, which was built in 1974 and renovated in 1997.
Howard Stotsky of Howard Stotsky RE Investments Corp. represented the buyer.
Please see CoStar COMPS #2130034 for more information on this transaction.