Jul
25

Charlotte Apartments Sold for $205,555 per Unit

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Crescent Resources has completed a record-high sale in the state for a multifamily property, collecting $74 million or $205,555 per unit for the 360-unit Circle at South End and its 8,000 square feet of prime retail space.

CBRE represented Crescent Resources in the sale. Dallas-based Sarofim Realty Advisors was Crescent Resource’s equity partner.

Circle at South End opened in May 2009, the first 100 percent smoke-free development in Charlotte. It was accorded LEED Silver certification in 2010. It also was selected for a merit award as Green Project of the Year by Multifamily Executive magazine and won a 2010 recycling competition of Charlotte-based Waste Management Concierge.

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