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Cameron Village apartments sell for record $76.8 million

Some of the apartments at 401 Oberlin in Cameron Village are already occupied with tenants, while construction continues on the Crescent Cameron Village project across the street in this August 2014 file photo.
Some of the apartments at 401 Oberlin in Cameron Village are already occupied with tenants, while construction continues on the Crescent Cameron Village project across the street in this August 2014 file photo. rwillett@newsobserver.com

Just days after a North Hills apartment complex sold for a record amount, another community in Cameron Village has sold for an eye-popping number.

Crescent Cameron Village, a 282-unit complex that opened in early November, has sold for $76.8 million, or $272,000 per unit, according to Wake County property records.

That is well above the record-setting $205,000 per unit that J.P. Morgan Investment Management paid for the Midtown Green apartments at North Hills a few days earlier.

The Crescent deal includes the 19,000 square feet of retail in the property. The Midtown Green sale did not include the retail within the property.

Still, the hefty purchase price is another sign of investors appetite for well-located apartment communities in the Triangle.

As with the Midtown Green sale, Crescent Cameron Village fetched a record price even though the property it is not close to being fully leased.

Crescent Cameron Village is one of nine communities that Charlotte-based Crescent is selling for roughly $700 million. In October, Crescent said the buyer was a fund run by an unidentified institutional buyer that was advised by UBS Global Asset Management.

The name of the buyer on the deed of sale for Crescent Cameron Village is Berkshire Property Advisors, a Boston-based firm that focuses on multi-family investments.

The portfolio Crescent is selling also includes the company’s two new projects in Durham – Crescent Main Street and Crescent Ninth Street.

The agreement to sell the communities was made final to construction being completed on the properties, and Crescent said in October that it was the largest such deal to date in the company’s markets in the mid-Atlantic and Sunbelt regions.

The first sale in the transaction, a 367-unit complex in Tampa, Fla., sold for just over $300,000 per unit.

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