Hudson Capital Properties has acquired two properties for a total of $66 million, the 288-unit Cary Reserve at Weston in Cary, N.C. for $46.8 million and the 224-unit Willow Trail in Norcross, Ga. for $19.3 million. These two purchases will add 512 units to the companies growing Southeastern portfolio.
Cary Reserve at Weston, Cary, N.C.
“Our goal for 2018 is to continue building out our portfolio, specifically targeting acquisitions in our target markets including Atlanta, the Research Triangle [Raleigh, Durham, Chapel Hill], and Dallas-Ft. Worth, which we feel enjoy the combination of favorable demographics and employment growth, good weather, and lower cost of living that makes certain Southeastern apartment markets so attractive,” said Robert Cohen II, executive vice president of HCP.
The company plans on investing $7 million of additional capital into strategic improvement plans for both properties. For Cary Reserve, HCP will bring all units up to a Class A level, as well as enhance the overall curb appeal and amenity set. For Willow Trail, the company is planning for a two-pronged value-add program that will replace the current management with its third-party team from Westdale, as well as performing a unit renovation program.
Cary Reserve at Weston
Located at 1000 Heathmoor Lane, Cary Reserve at Weston offers one-, two- and three-bedroom floorplans ranging from 692 to 1,362 square feet, across 27 three-story buildings. The asset was purchased from Duck Pond Realty and was subject to a $33.4 million Freddie Mac loan, according to Yardi Matrix. Constructed in 1995, the property is situated on 32.7 acres and offers interior features such as washer/dryers, fireplaces, high ceilings and private balcony/patios. Residents have access to amenities including:
car care center swimming pool tennis courts grilling areas tenant lounge business center billiard room outdoor storage dog park playground 5,000-square-foot fitness center carports and garages 610 parking spaces
The property is ideally located in North Carolina’s Research Triangle, which provides access to two of the Triangle’s largest employment nodes, Weston Parkway Office Corridor and Research Triangle Park. The community is also within close proximity to the Arboretum at Weston Shopping Center, which offers more than one million square feet of retail and dining options.
Willow Trail, Norcross, Ga.
Situated at 1500 Willow Trail Drive, Willow Trail features one- and two-bedroom floorplans ranging from 652 to 1,200 square feet, across 14 two-story buildings. The community was purchased from GFI Capital Resources Group and was subject to a $13.5 million Freddie Mac loan, according to Yardi Matrix. Built in 1985, the property offers interior features such as washer/dryer hookups, fireplaces and private balcony/patios. Residents have access to amenities including:
basketball court playground swimming pool outdoor storage laundry facilities 500 parking spaces
The community is located in Gwinnett County, one of the fastest growing counties in the country. It is situated within 10 miles of 27 million square feet of Class A office space, 450,000 jobs and various retail and entertainment options. Interstate 85 and State Route 403 are also within close proximity.
“HCP’s acquisition strategy for the Southeast targets high-quality assets in great locations, with strong potential to add value through our thoughtful process of modernization and amenitization,” added Cohen. “Cary Reserve and Willow Trail suit the strategy perfectly and we’re pleased to successfully conclude these transactions and incorporate the assets into our expanding portfolio, which now exceeds 6,500 units.”
Last December, Madison Realty Capital closed on a $15 million bridge loan for a residential and retail development in Brooklyn, N.Y. that refinances a prior loan of $13 million held by Hudson Capital.
Images courtesy of Hudson Capital Properties