Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.