NY firm buys third Triangle apartment complex in two months – Triangle Business Journal

A New York multifamily investment firm has made its third acquisition in the Triangle in the past two months.

Cedar Grove Partners has purchased the Lake Ridge Apartments in Apex for $9.3 million. The garden-style complex was constructed in 1985 and remodeled in 2002 by its previous owner, a subsidiary linked to the The Tar Heel Companies of North Carolina and its CEO Ken Lucas.

The deal closed this week.

Located at 503 W. Chatham St., the complex sits on 14.6 acres and has 94 units in 11 buildings. The price tag breaks down to $98,900 per unit.

Cedar Grove Partners describes itself as a “value add operator” that renovates the properties it acquires. The company didn’t immediately return a call to say whether more enhancements might be in the works for the Lake Ridge complex.

In March, Cedar Grove Partners bought two complexes in Durham – the Oaks at Northgate and Leon Court – for a combined $27 million. Both apartment communities had recently been upgraded by the prior owner: Artesia Real Estate.

The Apex apartment sale adds another tally to what has been a strong year thus far for multifamily sales. In April, the Falls Pointe at the Park complex in Durham sold for $35.3 million. For the first quarter of 2018, 14 apartment complexes priced at more than $10 million sold, amounting to a total of $566 million. The first quarter of 2017 saw only nine sales above that price threshold, for a total of $393 million.

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