Weinstein Properties Buys 260-Unit Apartment Complex in Morrisville for $53M; Greystone Property Management Acquires Raleigh Multi-Family Portfolio for $18.4M

by Adriana Pop, Associate Editor

The newly built Bristol multi-family community within Morrisville’s 100-acre Park West Village retail and commercial center has a new owner.

According to the Triangle Business Journal, Virginia investor Weinstein Properties paid $53.4 million for the acquisition of the 260-unit property from apartment developer Wood Partners. The company completed the project in early 2014.

Renamed Bexley at Park West Village to match Weinstein’s other apartment properties, the complex comprises eight buildings of three, four and five stories with a mix of townhomes, loft units and two-story carriage units. It was 92 percent leased at the time of sale.

Amenities include a saltwater pool with sundeck, a fitness center, business center, dog park, media room, playground, picnic area and 24-hour emergency maintenance.

Brokers ARA Carolinas, including principals Blake Okland and Dean Smith and partners John Heimburger and Sean Wood represented the seller in the transaction.

Weinstein owns seven other apartment communities in the Triangle, including Bexley Panther Creek, Bexley at Preston and Bexley at Heritage.

In other news, Greystone Property Management Corp. of New York has announced the acquisition of two apartment complexes in midtown Raleigh from Atlantic Pacific Companies.

The company paid a total of $18.2 million for Atlantic Millbrook, which has 117 units, and Atlantic Lynn Lake, which has 101 units. Built in 1986, both communities offer a wide range of amenities, including a fitness center, clubhouse, playground and swimming pool. Atlantic Millbrook also offers tennis courts, bike and jogging trails and picnic areas.

Greystone plans to immediately begin the renovation of its newly purchased assets.

As part of its active acquisitions strategy, the company targets 1980’s vintage – or newer – apartment communities situated in the Southeast, mid-Atlantic and Midwest, which it renovates and improves.

“The Midtown Raleigh area offers economic growth potential for a growing influx of residents, and also complements our value-add owner / operator strategy as we look to expand our multifamily portfolio,” Bill Guessford, senior vice president, Multifamily Property Management and Acquisitions, said in a news release.

Photo credits: www.bexleyatparkwestvillage.com