Real Estate: Park at Crossroads Set to Sell

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

Park at Crossroads is a 344 unit rental complex off Piney Plains Rd. between Tryon Road and Crossroads Plaza. See it on a map.

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.