{"id":1004106482,"date":"2014-10-29T16:53:17","date_gmt":"2014-10-30T00:53:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=302988"},"modified":"2020-05-18T12:37:09","modified_gmt":"2020-05-18T20:37:09","slug":"weinstein-properties-buys-260-unit-apartment-complex-in-morrisville-for-53m-greystone-property-management-acquires-raleigh-multi-family-portfolio-for-18-4m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/weinstein-properties-buys-260-unit-apartment-complex-in-morrisville-for-53m-greystone-property-management-acquires-raleigh-multi-family-portfolio-for-18-4m\/","title":{"rendered":"Weinstein Properties Buys 260-Unit Apartment Complex in Morrisville for $53M; Greystone Property Management Acquires Raleigh Multi-Family Portfolio for $18.4M"},"content":{"rendered":"

by Adriana Pop, Associate Editor <\/em><\/p>\n

\"\"<\/a>The newly built Bristol multi-family community within Morrisville\u2019s 100-acre Park West Village retail and commercial center has a new owner.<\/p>\n

According to the Triangle Business Journal<\/a><\/em>, 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.<\/p>\n

Renamed Bexley at Park West Village to match Weinstein\u2019s 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.<\/p>\n

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

Brokers ARA Carolinas, including principals Blake Okland and Dean Smith and partners John Heimburger and Sean Wood represented the seller in the transaction.<\/p>\n

Weinstein owns seven other apartment communities in the Triangle, including Bexley Panther Creek, Bexley at Preston and Bexley at Heritage.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Greystone plans to immediately begin the renovation of its newly purchased assets.<\/p>\n

As part of its active acquisitions strategy, the company targets 1980\u2019s vintage – or newer \u2013 apartment communities situated in the Southeast, mid-Atlantic and Midwest, which it renovates and improves.<\/p>\n

\u201cThe 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,\u201d Bill Guessford, senior vice president, Multifamily Property Management and Acquisitions, said in a news release.<\/p>\n

Photo credits: www.bexleyatparkwestvillage.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The newly built Bristol multi-family community within Morrisville’s 100-acre Park West Village retail and commercial center has a new owner.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004106482","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nWeinstein Properties Buys 260-Unit Apartment Complex in Morrisville for $53M; Greystone Property Management Acquires Raleigh Multi-Family Portfolio for $18.4M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/weinstein-properties-buys-260-unit-apartment-complex-in-morrisville-for-53m-greystone-property-management-acquires-raleigh-multi-family-portfolio-for-18-4m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weinstein Properties Buys 260-Unit Apartment Complex in Morrisville for $53M; 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