**Hawthorne Residential Partners Sells Cary Apartment Community for $60.85M**
Hawthorne Residential Partners has finalized the sale of The Hawthorne at the Parkway, a 247-unit apartment community located in Cary, North Carolina, for $60.85 million. The buyer, DRA Advisors, has rebranded the complex as Crestline Cary. The property, originally built in 1992, is currently 92% leased.
Hawthorne Residential Partners, based in Greensboro, originally acquired the community in 2013 for $27.1 million, according to a report by the Triad Business Journal.
The apartment complex is situated off SE Cary Parkway, just east of the Kildaire Farm Road retail corridor, which features several popular retailers such as Trader Joe’s, Barnes & Noble, and Aldi, along with a variety of dining options.
This transaction follows Hawthorne Residential’s October acquisition of the Reserve at Bridford in Greensboro for $41.5 million.
DRA Advisors, which operates a national portfolio of 40 multifamily properties across 14 states, continues to adjust its holdings in the Triangle region. In recent years, the firm has sold notable properties including Lake Cameron Apartments in Apex (2024) and the Apartments at Midtown 501 in Chapel Hill (2023).
