Business: Arboretum Apartments Sell for $39 Million

Story from staff reports. Photos by Hal Goodtree.

Cary, NC – Another big real estate deal closed in Cary. The Apartments at the Arboretum just changed hands for a cool $39.2 million.

Apartments at the Arboretum Change Hands

The Arboretum is a mixed use development (shopping and residential) at the corner of Weston Parkway and Harrison Avenue.

Associated Estates Realty Corporation (AERC) of Ohio bought the 205-unit complex for $39.25 million, according to Wake County property records. That’s the second highest amount ever paid for an apartment complex in the Triangle.

The Apartments at the Arboretum rent for about $950/month for a one bedroom up to $1950/month for a three bedroom, two baths unit.

Forget about Live, Work, Play – Cary continues to be one of the most desirable places to Invest in the United States.

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