Grimley Capital has acquired Retreat at the Park, a 249-unit, garden-style multifamily community in Burlington, NC, for $48 million. The seller was Carter Exchange, which elected to dispose of the asset after several years of ownership. The transaction involved both an investment sale and acquisition financing arranged for the buyer.
According to reporting from the Triad Business Journal, Carter Exchange originally purchased Retreat at the Park in 2020 for $37.78 million. That trade, from Diamondback Investment Group to Carter Exchange, established the previous valuation benchmark for the property prior to the most recent sale to Grimley Capital. The new pricing reflects the current investment view of this Burlington multifamily asset.
Retreat at the Park was delivered in 2015 and is configured as a garden-style apartment community. The property offers a mix of one-bedroom, two-bedroom and three-bedroom floor plans. Unit sizes range from 689 square feet at the smaller end to more than 1,300 square feet for the largest layouts, providing a range of options for residents within the community.
The amenity package at Retreat at the Park is designed to support both fitness and resident social activity. On-site offerings include a fitness center equipped with cardio and weightlifting equipment, giving residents access to workout facilities without leaving the property. The community also features a clubhouse that incorporates a lounge and cafe area, along with a dedicated game room for recreational use.
Outdoor amenities at the property include a saltwater swimming pool and an entertainment area that incorporates a fireplace, creating additional space for residents to gather. A resident business center is also provided, giving tenants access to workspace and related resources within the community. Collectively, these shared amenities complement the unit mix and support the property’s positioning within the Burlington multifamily market.
On the capital markets side, Carter Exchange was represented in the sale by a Berkadia Charlotte investment sales team. The brokerage group included Caleb Troop, Thomas Colaiezzi, Matt Robertson and Drew Kwiatkowski, who collectively marketed the asset and represented Carter Exchange in the disposition to Grimley Capital.
Financing for Grimley Capital’s acquisition was secured by Berkadia Denver. Brian Huff of Berkadia Denver arranged the acquisition financing on behalf of Grimley Capital, supporting the buyer’s capital stack for the $48 million purchase. Specific details about the lender, loan structure and terms were not disclosed in the information provided.
