Apartments Sold for $25 Million
A Charlotte company has bought the Park at Clearwater Apartments in Aberdeen for $25 million.
First LandMark-Guardian Management and its equity partner, Dome Equities of New York, acquired the 280-unit apartment community through a newly formed entity, Park at Clearwater LLC, a news release said.
Guardian Management, a wholly owned subsidiary of First LandMark, will manage the property, which is on Saunders Boulevard.
“We feel like it is the best apartment community in the Aberdeen area,” said Timothy Hose, president of First LandMark-Guardian Management. “It attracts some of the better renting households.”
Hose said the proximity of the apartment complex to a rapidly growing hub of retail businesses in the Aberdeen area, which attracts shoppers from a 10-county area, was an important factor for his company.
“That creates a lot of conveniences for our renters,” Hose said. “You have shopping, restaurants, schools, golf and other amenities within a three- to 15-minute drive.”
Hose also pointed out that the complex is convenient to some of the top employers in the Aberdeen, Pinehurst and Southern Pines area, including Pinehurst Resort, FirstHealth, schools and nearby Fort Bragg.
“The proximity to employment and retail is a driving force in the rental industry,” Hose said
Financing in the amount of $20 million was provided by CBRE’s Charlotte office through a Freddie Mac seven-year fixed-rate first mortgage, including two years of interest-only payments, the company said.
“We feel like we got a pretty good deal on the financing,” Hose said.
Hose said the Park at Clearwater, which was built in two phases in 2000 and 2004, has been very successful over the years, maintaining an occupancy rate of about 97 percent.
“This is not a typical apartment community,” Hose said. “It is not the standard three-story buildings with breezeways. Each building has four units. It has a residential feel. It feels more like a neighborhood.”
Amenities on-site include a full-service clubhouse with business center, resort-sized pool and deck, large fitness center with children’s play area, sand volleyball court, grill and picnic areas and children’s playground.
Hose said they anticipate making very few changes. He said a pet park will be added, which was based on feedback from tenants.
“A little bit of enhancement will be made to the property,” he said. “We won’t have to do a lot.”
First LandMark, on its own and in partnership with other entities, acquires, finances, manages and sells investment real estate that includes primarily multi-family rental properties, with additional holdings in retail, office properties and land, according to the company website
Since its founding in June 1971, the company has organized more than 140 realty investment ventures, having acquired properties in more than 18 market areas in the Southeastern United States.
Contact David Sinclair at firstname.lastname@example.org.
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