Written by Amanda Jones Hoyle | TRIANGLE BUSINESS JOURNAL
An Illinois apartment investor that's new to the region has paid $45.6 million for the Tradition at Stonewater apartment community in west Cary.
Banner Apartments of Northbrook, Illinois, purchased the 351-unit Stonewater community from the Atlanta real estate investment firm Jamestown Properties, which had helped finance the development of the property in 2008.
Tradition at Stonewater is Banner's second apartment community acquisition in North Carolina this year after purchasing its first in Charlotte last March.
Banner's deal was financed with help from HFF, which assisted Banner in securing $29.66 million with a seven-year, fixed-rate loan with Allianz Real Estate of America Inc..
Tradition at Stonewater was 93.4 percent leased at the time of the transaction, which equated to a sale price of $129,914 per apartment unit. Its units are renting for between $830 for a one-bedroom to $1,495 for a three-bedroom unit.
The HFF (NYSE: HF) debt placement team representing Banner included Matthew Schoenfeldt, Jason Bond, Travis Anderson and Ryan Clutter.
Banner has also taken over property management of the Cary apartment site.
In other Triangle apartment investment news, the Edwards Mill Village apartment community in west Raleigh has been sold for nearly $29 million.
The seller was The Berkshire Group of Boston, which had paid $18.2 million for the property in 2008.
The buyer was a subsidiary of Starwood Capital Group, a private equity firm based in Greenwich, Connecticut.
The 220-unit Edwards Mill Village community was built in the mid-1980s and is located on Mill Village Road, behind the Camden Manor Park apartments near Glenwood Avenue.