X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHARLOTTE-Greensboro, North Carolina-based Bell Partners purchased The Apartments at Meadowmont, a 258-unit Class A, master-planned apartment community in Chapel Hill, North Carolina for $37 million, or $143,411 per unit. This was the highest price per unit for an apartment development in the area in the last three years, says Dean Smith, principal at ARA (Apartment Realty Advisors), who is based in Charlotte and who brokered the deal for the seller, Charlotte-based Crosland, which developed the project. The sale of The Apartments at Meadowmont, which is 96% occupied, closed the first week of April.

The last apartment complex sale which yielded a higher price per apartment unit was for a mid-rise development, rather than a garden-style apartment complex like The Apartments at Meadowmont, which is 10 years old, says Smith.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.