Another Cameron Village apartment complex has sold for an eye-popping number.
401 Oberlin, a 244-unit community that opened last year, has been acquired for $65 million, according to Wake County property records. The buyer was TriBridge Residential, an Atlanta-based investor that focuses on apartments.
At $266,393 per unit, the sale is just under the record $272,000 per unit that the Crescent Cameron Village complex fetched last month. The two properties are across Oberlin Road from each other.
The Crescent sale included 19,000 square feet of retail, while 401 Oberlin includes 9,000 square feet of retail.
401 Oberlin, which was developed by Grubb Ventures, is the fourth Triangle apartment community to fetch more than $200,000 per unit over the past month.
Crescent Ninth Street, the Durham apartment complex that opened in September, sold for $77 million, or $254,000 per unit. And J.P. Morgan Investment Management paid $43.87, or $205,000 per unit, for the Midtown Green apartments at North Hills.
All four apartment complexes were sold to investors before they were fully leased up, a sign of how confident investors are about the market.
401 Oberlin had leased more than 100 of its units as of last fall. The three other properties were all put under contract before construction was completed.