New apartments in Cary go for $329K per unit as Boston investor makes another $100M deal
A luxury apartment complex in Cary has sold for $329,000 per unit to a Boston firm that’s been active recently in the Triangle.
TA Realty acquired the recently opened Novel Cary for $105.28 million from Crescent Communities on Oct. 13, according to Wake County deed records. Crescent Communities developed the apartments located in northwest Cary, finishing them in late 2022.
Whether any changes will be made is unknown as TA Realty did not respond to inquiries. The real estate company in September paid more than $100 million for a new apartment community, Solis Hills, in Raleigh’s Oberlin neighborhood.
Novel Cary has studios, one-, two- and three-bedroom apartments totaling 320 units that range from 575 square feet to 1,490. Included in that total are two-bedroom carriage homes that are like townhomes above a garage. The units have quartz countertops, kitchen islands, stainless steel appliances, 9-foot ceilings, balconies, walk-in closets, built-in benches with storage and keyless entry.
The Novel Cary apartments rent from $1,575 to $3,239, according to Apartments.com.
The community has a swimming pool with cabanas, hammock lawn, grilling area, fitness center, a resident lounge with bar and games, pet park and a 2-story resident clubroom with food-themed amenities.
In a release announcing the sale, Michael Tubridy, senior managing director of the Carolinas for Crescent Communities, said the Triangle continues to be one of the fastest-growing markets in the country.
Crescent Communities is also developing the Novel Morrisville, a 336-unit multifamily community, and 420 units at Novel University Hill in Durham. It is also behind a life sciences campus in Holly Springs, called The Yield, which is in its second phase. The first phase completed and sold in December 2022.
Apartment sales have picked up in the Triangle again after a slowdown earlier this year. Novo Blue Ridge apartments in Raleigh’s Blue Ridge Corridor sold for $73.65 million recently, Durham’s Kelby Farms sold for $84.75 million and Manor Six Forks sold for $74.25 million.
