CHARLOTTE, NC—Capstone Apartment Partners announces the $37.75 million sale of Retreat at the Park: a fully amenitized, 249-unit apartment community adjacent to Interstate 85 in the bustling suburb of Burlington—30 minutes west of Durham, North Carolina.
Capstone sold the property on behalf of Greensboro-based Diamondback Investment Group (DIG), which built the property in 2015. Capstone procured the buyer, Tampa-based Carter Exchange (CX), a Carter Funds company.
Retreat at the Park features one-, two- and three-bedroom apartments and was approximately 98 percent occupied at the time of closing. The property is located next to Joe C. Davidson Park and is walkable to both the Alamance Crossing and University Commons commercial corridors, which includes Target, Best Buy, Dick’s Sporting Goods, TJ Maxx, and a host of other retail and dining establishments.
“The sale of Retreat at the Park shows the strength of the eastern Triad corridor and marks the conclusion of a tremendous team effort building and managing a best-in-class suburban apartment community in the Burlington market,” said Hal Kern, who owns DIG with partner Zach Tran.
DIG is currently under construction on its second apartment community in Burlington about one mile away from Retreat at the Park. Burlington St. Mark’s is a 183-unit project located on a seven-acre site at 1172 St. Mark’s Church Road and is expected to deliver this fall. DIG also has other multi-family projects underway in Charlotte and Greensboro.
The purchase by Carter Exchange, a Carter Funds company, is Carter Funds’ third in North Carolina and extends their southeast portfolio to nearly 5,000 units.
“We are pleased to acquire Retreat at the Park and look forward to furthering its attractiveness for current and future residents,” said Carter Exchange’s chief executive officer, Dallas Whitaker. “The community is extremely well located and serves a growing population of renters.”
The Capstone Apartment Partners transaction team was led by Caleb Troop, Ron Corrao, and Alex McDermott.
“Demand for investment in the I-85 corridor between Charlotte and Raleigh has not waned, despite the broader virus-related concerns,” Troop said. “Assets like Retreat at the Park—where current residents work for the likes of LabCorp, Cone Health, and Elon University, among others—are well insulated in an ever-changing economy thanks to the strength of the biotech and education industries.”
About Diamondback Investment Group
Founded in 2016, Diamondback Investment Group, LLC was formed with a core mission of creating, building, and managing a portfolio of mixed-use and residential projects. These projects involve commercial, single and multi-family developments throughout North Carolina. Diamondback Investment Group, LLC is headquartered in Greensboro, North Carolina, with a field office in Burlington, North Carolina. To learn more, visit www.diamondbackinvestmentgroup.com.
About Carter Exchange
Backed by over 200 years of experience in the commercial real estate industry, Carter Exchange implements various investment strategies to meet a range of growth and income-oriented investment objectives. Investment criteria include multifamily, medical, industrial and other real estate
assets in sectors that have key long-term demand drivers and offer the potential to provide exceptional risk adjusted returns. Learn more: www.carterexchange.com
Director of Marketing, Carter Funds
About Capstone Apartment Partners
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
Managing Director, Capstone