Carter Exchange Offloads 249-Unit Burlington Apartment Community

Grimley Capital paid $48 million for the Retreat at the Park, a 249-unit, garden-style community in Burlington, NC. Carter Exchange was the seller.

The Triad Business Journal reports that Carter Exchange purchased the Retreat at the Park in 2020 for $37.78 million from Diamondback Investment Group.

The complex was built in 2015 and offers one-bedroom, two-bedroom and three-bedroom units with sizes ranging from 689 square feet to more than 1,300 square feet.

The community’s amenities include a fitness center with cardio and weightlifting equipment, a clubhouse with a lounge and cafe, a game room, a saltwater swimming pool, an outdoor entertainment area with a fireplace and a resident business center.

Caleb Troop, Thomas Colaiezzi, Matt Robertson and Drew Kwiatkowski of Berkadia Charlotte represented Carter in the sale and Brian Huff of Berkadia Denver secured the financing for the acquisition on behalf of Grimley.