CHARLOTTE, NC – June 27, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Spring Forest, a 404-unit multi-housing community in Northeast Raleigh, and The Crest at West End, a 188-unit, value-add apartment community in Carrboro, North Carolina.
HFF marketed the properties on behalf of the seller, Carroll Organization, which closed in two separate transactions. Bridge Investment Group purchased Spring Forest, and Eller Capital Partners purchased The Crest at West End.
Spring Forest is located at 5014 Sedgewick Drive in the rapidly growing Northwest Raleigh submarket. Situated just off Capital Boulevard, the property provides residents access to a wide variety of retail, including Triangle Town Center, a 1.2 million-square-foot mall, as well as major employment centers such as Downtown Raleigh. Completed in 1978, the 42.41-acre property consists of one-, two- and three-bedroom floor plans averaging 1,022 square feet. Community amenities include a swimming pool, playground, clubhouse and laundry center. The property was 92.1% occupied at closing.
The Crest at West End offers residents a convenient location just off Highway 54 and U.S. Highway 15, which provides direct access to University of North Carolina Chapel Hill, the UNC Hospital system and several other major economic drivers. Completed in 1988, the 12.6-acre property comprises one- and two-bedroom, partially renovated units averaging 798 square feet. Community amenities include a playground, laundry center, fitness center, clubhouse and sport courts. The property was 95.7% occupied at closing.
The HFF investment advisory team representing Carroll Organization was led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
“The Crest at West End presented investors the coveted combination of value-add upside in a high barrier-to-entry market, further distinguished by Carrboro’s celebrated culture and Chapel Hill’s world-renowned university and hospital system,” Good said. “Spring Forest offered the compelling investment opportunity of institutional stewardship, renovation potential and retail proximity all amid one of the nation’s leading growth stories.”
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.