Merion Realty Partners, in a joint venture with CMS Cos. and AllianceBernstein Holdings, sold the 200-unit Hidden Creek Apts. at 2038 Quail Forest Dr. in Raleigh, NC to Fortress Capital Investors for $11.9 million, or approximately $60,000 per unit.
The 203,500-square-foot multifamily building consists of one-, two- and three- bedroom units in nineteen buildings. It was built in 1972 in the North Raleigh submarket and was about 95 percent occupied at the time of sale.
Marc Robinson and Jordon McCarley of Multi Housing Advisors represented the selling venture.
Please see CoStar COMPS #2968701 for more information on this transaction.