Cary apartments sole for $40.5 million Real Estate

Equity Residential, a Chicago genuine estate investment certitude that has been shedding the Triangle resources over the past dual years, has sole dual Cary unit buildings to a New York investment organisation for $40.5 million.

Somerset Partners, that invests in multitenant and bureau buildings, paid $21.5 million for the 444-unit Hidden Oaks Apartments and $19 million for the 344-unit Woodbridge Apartments.

Somerset is one of a series of outward investors that have entered or stretched their foothold in the Triangle during the downturn. In September, Somerset paid for the initial Triangle property, profitable $15.6 million for the 345-unit Beech Lake Apartments in Durham.

"When you step out of the vital markets ... when you see to the subsequent stage of cities, we similar to all the attributes Raleigh has," pronounced Phil Welch, a Somerset partner. "I"d contend Raleigh and Nashville are the dual markets we"re majority focused on."

Welch cited the Triangles different economy, pursuit bottom and the participation of 3 high-quality universities as reasons the organisation considers the segment a good investment. He pronounced the organisation hopes to enhance the Triangle presence.

"We"ll still buy more, but at slightest we feel we"ve got a flattering good toehold there," he said.

Equity, one of the nations largest REITs, once had one of the greatest unit portfolios in the Triangle: 4,031 units in fifteen communities opposite Durham, Orange and Wake counties.

Over the past dual years, Equity has been offered resources as piece of a broader plan to money out of not as big markets and deposit in bigger cities. Equity sole the 198-unit Timber Hollow Apartments in Chapel Hill this month for $10.9 million.

Equity purchased Woodbridge for $7.5 million in 1996 and paid for Hidden Oaks a year after for $8 million.

Both complexes had about 4 percent of their units empty in September, according to the Triangle Apartment Association and Karnes Research.

Apartment buildings have been about the usually Triangle blurb genuine estate resources offered over the past year. Thats mostly given Freddie Mac and Fannie Mae, dual government-sponsored entities, go on to financial unit deals.

More than $100 million in Triangle unit resources have altered hands only given the commencement of the year.

Jeff Glenn, an investment attorney at CB Richard Ellis in Raleigh who represented Equity in the Hidden Oaks and Woodbridge deals, pronounced the Triangles long-term expansion prospects are attracting investors from all over.

"The ubiquitous notice is the marketplace has bottomed out, rents are staid to miscarry and new building a whole is at a 14-year low," Glenn said. "All good headlines for the unit market."

david.bracken or 919-829-4548