NEW YORK--(BUSINESS WIRE)--Greystone, a real estate investment and development group, today announced the $24.3 million acquisition of Cary Brook Apartments, a 360-unit multifamily property located in the Research Triangle area of North Carolina.
Greystone actively seeks to acquire multifamily properties that have a “value-add” component, including repositioning through light rehabilitation and improved management. The ideal acquisition targets are of 1980’s vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.
Cary Brook, constructed in 1984, comprises 23 garden-style apartment buildings with an accompanying clubhouse and leasing center. The Cary, NC property, purchased from RFI Cary Brook LLC, will transition to new property management provided by Greystone Property Management Corporation, which oversees thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.
“The Cary Brook multifamily property represents the ideal target for our owner / operator strategy, where we can add immediate value to an asset and leverage the upside of growing markets,” said Bill Guessford, Managing Director of Greystone Acquisitions and Vice President of Greystone Property Management. “After analyzing the property’s offerings and the solid market drivers for the greater Raleigh area, we feel confident that this acquisition will serve as a strong performer in our growing portfolio,” he added.
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone’s mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone’s multifamily and healthcare financing solutions please visit http://www.greyco.com.