RALEIGH, NC—The 200-unit Hidden Creek apartment community here at 2038 Quail Forest Drive has been sold for $11.95 million.
The sales transaction was reported by Charlotte-based Multi Housing Advisors, which was the sole broker in the deal. The property, which was built in 1980, was sold by AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, and purchased by FortCap Chatsworth LLC, an affiliate of Virginia Beach, VA-based FortCap Partners.
Marc Robinson and Jordan McCarley of Multi Housing Advisors' Charlotte office represented the seller in the deal. The property includes a business center, fitness center, playground, swimming pool and laundry facilities.
“The buyer interest we received for Hidden Creek was tremendous and suggests that the Raleigh/Durham market remains a target for many investors, despite the area's notable multifamily development pipeline,” Robinson says. “The new owner plans to continue the unit interior enhancements that had been initiated by the previous owner.”
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