A large apartment complex in Cary has changed hands as demand for multifamily space continues to surge.
On Wednesday, Rreef Management of Chicago paid $92 million for the 344-unit Park at Crossroads Apartments in Cary, or $267,441 per unit. The property is situated on 19.5 acres at 6000 Scarlet Sky Lane and is down the road from the Centrum @ Crossroads shopping center south of U.S. Highway 1.
The seller, an affiliate of Brookfield Property Group, bought the property in 2012 for $35.2 million. The 161 percent increase in the sale price shows how the Triangle's multifamily market has ballooned in recent years.
The property, built in 2004, has a total assessed value of $59.8 million, according to Wake County deed records.
Apartment units at the community include one-, two- and three-bedroom layouts across a collection of 3-story buildings. Rental rates range from $1,405 a month for smaller units to as high as $3,235 per month for larger units, according to Apartments.com.
Amenities at the community include indoor and outdoor pools, a dog park and game room among others.
The sale appears to be a part of a larger collection of deals between Brookfield and Rreef. In Florida, Brookfield recently sold three communities to Rreef, according to reporting by the South Florida Business Journal.
Rreef Management is a commercial real estate fund run by Deutsche Bank in Germany.
The sale of Park at Crossroads is one of the largest multifamily deals in the Triangle this year. In July, an upscale apartment community that was completed last year in Northeast Raleigh was sold for more than $93 million.
