Story from staff reports. Photo by Hal Goodtree.
Cary, NC – Last month, Associated Estates Realty Corporation (AERC) of Ohio bought the Apartments at the Arboretum. Now, they are close to a deal to add the Park at Crossroads to their Cary portfolio.
Park at Crossroads
Beefing Up in Cary
AERC is reported to have completed due diligence on the purchase of the Cary property. Purchase price was not disclosed but is said to hinge on assumption of a $24.9 million mortgage, according to CityBiz/Dallas.
Average rental price is $850 per month and the development is 95% occupied.
AERC is expected to close the deal in the third quarter of 2012.