Newmark has arranged the $49.4 million sale and $35.8 million Freddie Mac financing of The Reserve at Cary Park, a 240-unit, four-story apartment community in Cary, N.C.
Built in 2007, the community is located at 2000 Cary Reserve Drive and consists of a mix of one-, two- and three-bedroom floorplans. The new owners of the property, The Connor Group, plan to implement a high-end interior renovation program at the garden-style community.
Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of Newmark represented the seller, Duck Pond Realty, in the transaction. Additionally, Henry Stimler, Bill Weber, Matthew Mense and Dan Sarsfield of Newmark secured acquisition financing on behalf of The Connor Group through Freddie Mac.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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