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Waterton Purchases Multifamily Portfolio in North Carolina for $169M

Audubon Parc is a 180-unit complex situated about 11 miles southwest of downtown Raleigh in Cary.

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina.

The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary.

The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina.

The properties, which feature a mix of garden-style buildings and townhomes, include:

  • Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte;
  • Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh;
  • Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and
  • The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte.

Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and add package storage lockers to Ashford Green, The Retreat at McAlpine Creek and Audubon Parc.

“These assets display considerable upside potential and offer great opportunities to utilize our value-add program to help them further compete with their competitive sets,” said David Schwartz, chairman and co-founder of Waterton. “The portfolio provides well located housing at an affordable entry point.”

Waterton is a privately held real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions.

— Alex Tostado

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