TA Realty Pays $105M for Cary Apartments

TA Realty has laid out $105 million for a Cary apartment complex. The company spent $329,000 a unit for Novel Cary Apartments. The Triangle Business Journal reports Cresent Communities was the seller and also the builder of the 320-unit project that came online near the end of 2022.

Novel Cary has studios, one-, two- and three-bedroom apartments totaling 320 units that range from 575 square feet to 1,490. Included in that total are two-bedroom carriage homes that are like townhomes above a garage. The community has a swimming pool with cabanas, hammock lawn, grilling area, fitness center, a resident lounge with bar and games, pet park and a 2-story resident clubroom with food-themed amenities. The Novel Cary apartments rent from $1,575 to $3,239.

TA Realty recently closed on the TA Realty Value-Add Fund XIII, which was oversubscribed with total equity commitments of approximately $1.8 billion.

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