Berkadia Completes $41 Million Sale of Multifamily Property in North Carolina
CHARLESTON, S.C. – FEBRUARY 2, 2022 – Berkadia announced today the sale of The Residences at Forestdale, a 234-unit garden-style multifamily housing property located in Burlington, North Carolina. Managing Director Mark Boyce and Director Blake Coffey of Berkadia Charleston Investment Sales completed the $41 million sale on behalf of the seller, Texas-based Napali Capital. The buyer was Colorado-based Monarch Investment and Management Group. The deal closed on January 24.
The Residences at Forestdale is located at 3551 Forestdale Drive. The property features studio, one-, two- and three-bedroom floor plans with spacious closets and balconies. Community amenities include a swimming pool, a fitness center, laundry facilities and a picnic area. Residents are afforded convenient access to Interstate 40, Burlington Alamance Regional Airport and the shops and restaurants along Huffman Mill Road.