Boston-based private real estate investment firm Taurus Investment Holdings LLC has acquired 302-unit Brook Arbor Apartments in Cary, N.C. for $54.5 million.
ARA Newmark’s Sean Wood and Dean Smith represented the seller Executive Affiliates.
Taurus plans a number of renovations to the property. All units will be upgraded to modern standards with hardwood floors and granite countertops. The clubhouse amenity space will be reconfigured. In addition, Taurus intends to work with The Dolben Company to incorporate select sustainability upgrades and a renewable energy system.
Among the finishes and features of the distinctive units are elegant arches, nine-foot and vaulted ceilings, brick masonry, fireplaces, garden tubs, in-unit washers and dryers, stainless steel appliance packages, oversized closets and balconies. The pet-friendly community’s common-area amenities include pool, hot tub, five tennis courts, fitness center, clubhouse, business center, playground, recreation room and landscaping.
The 20-year-old garden-style rental property is located at 200 Brook Arbor Drive in the Raleigh, N.C. suburb of Cary, one of the Tar Heel State’s most affluent suburbs. The 30.1 -acre property is minutes from downtown Cary. Residents have convenient access to Highway 540, U.S. 64, downtown Raleigh and the Research Triangle Park. Nearby recreation opportunities include Thomas Brooks Park and Prestonwood Country Club.
According to Taurus CEO Peter Merrigan, the acquisition of Brook Arbor highlights Taurus Investments Holdings’ continued commitment to building its multifamily portfolio by investing in Class B communities located in strong demand driver areas.
“What we saw at Brook Arbor was a perfect fit for our investment thesis,” he added.