Brier Creek apartments sell for $37.5M

07/14/2014 2:29 PM

07/14/2014 2:29 PM

Crest at Brier Creek, a new 291-unit apartment complex that opened last year in northwest Raleigh, has been sold for $37.5 million, according to Wake County property records.

The buyer was New York-based DRA Advisors, which owns 312 office, industrial, retail and multifamily properties in 25 states.

Crest at Brier Creek, near ACC Boulevard and Glenwood Avenue, was developed by Clarion Partners and The Residential Group of Atlanta. It is one of several new apartment projects that recently opened or are now under construction in the Brier Creek area.

There were 364 new apartment units completed in the Brier Creek area in the six-month period ending in March, according to Karnes Research and the Triangle Apartment Association. Another 202 were under construction, and 600 additional units have been proposed.

The vacancy rate in northwest Wake County, which includes Brier Creek, was 7.2 percent in March, up from 4.8 percent during the same period last year. The average rent for a 2-bedroom apartment in northwest Wake was $967 in March, up nearly 3 percent from March 2013.

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