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Atlanta & Southeast  + Southeast  + Apartments  |  January 8, 2021
David Cohen
By: David Cohen

Newmark Brokers $49M Sale of Metro Raleigh Apartment Community

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.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

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. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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