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Waterton pays $169M for 4 NC apartments

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Waterton pays $169M for 4 NC apartments

Waterton paid a total of $169 million for a four-property multifamily portfolio in North Carolina totaling 1,148 units, the Triangle Business Journal reported.

The portfolio, in Charlotte, Raleigh and Cary, was sold by The Bainbridge Cos., according to the Jan. 9 report.

The properties are the Ashford Green and the Retreat at McAlpine Creek in Charlotte, the Atria at Crabtree Valley in Raleigh and Audubon Parc in Cary.

The buyer plans to upgrade the properties, which were built in the 1980s and 1990s, with an investment of between $20 million and $30 million in order to boost rents and future returns.