Crescent Resources traded Circle at South End, a 360-unit apartment complex in Charlotte, NC, to Post Properties Inc. (NYSE: PPS
) of Atlanta for $74 million or $205,556 per unit.
Following the acquisition, the buyer renamed the 906,950-square-foot multifamily property at 222 E. Bland St. "Post South End." Average unit sizes are 847 square feet and the units are currently approximately 95 percent occupied. The complex also includes 7,612 square feet of retail space
that is 100 percent leased to three restaurant/bar concepts. Post at South End opened in May 2009 and earned a LEED Silver designation in 2010.
Sarofim Realty Advisors was Crescent’s capital partner in the property. CBRE Group represented the seller. See CoStar COMPS #2514752 for more information.
EDITOR'S NOTE: This news article was updated since its original publication to identify the buyer and the new name given to the property.