HFF announces $73.92 million sale of and acquisition financing for Weston Corners in Cary, NC

Weston Corners, Cary, NC

Justin Good

CHARLOTTE, NC –– HFF announces the $73.92 million sale of and acquisition financing for Weston Corners, a newly built, 308-unit, mid-rise multi-housing community in Cary, North Carolina.

The HFF team marketed the property on behalf of the seller, Woodfield Development, and procured the buyer, Lantower Residential. 

Additionally, HFF’s debt placement team worked exclusively on the new owner’s behalf to arrange an acquisition loan through New York Life Real Estate Investors.

Completed this year, Weston Corners features a mix of studio, one-, two- and three-bedroom units with high-end amenities, including 10-foot ceilings, stainless steel appliances, quartz countertops, designer kitchen cabinetry and lighting, walk-in custom closets, full-sized washers and dryers, hardwood-style flooring and balconies. 

Jeff Glenn

Common area amenities include a pool with sundeck and outdoor kitchen, sky terrace, fitness center with yoga room, massage room, dog spa, clubroom with kitchen and game room, conference room and Wi-Fi lounge, outdoor courtyards and direct access to the Indian Creek Greenway and Trailhead. 

Situated just south of Crabtree Lake at 6000 Elevate Circle, the property is central to Research Triangle Park, Raleigh-Durham International Airport, North Carolina State University via nearby Interstate 40 as well as downtown Raleigh, Durham and Chapel Hill.

The HFF investment advisory team representing Woodfield Development included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.

Allan Lynch

HFF’s debt placement team representing Lantower Residential consisted of senior directors Jamie Leachman and Roger Edwards.

Holliday GP Corp. ("HFF"), a North Carolina licensed real estate broker.

Woodfield Development is a premier developer and operator of Class A multifamily communities in the Mid-Atlantic and southeastern United States. 

The partners in Woodfield share a depth of experience in development, asset management and real estate capital markets. 

Since the formation of the company in 2005, Woodfield has completed 35 communities, has eight communities under construction and 13 projects at various stages of entitlement and design. 

Caylor Mark

 From the first development and each one thereafter, Woodfield Development’s singular goal has been to deliver well-conceived, thoughtfully designed, market-supported projects that hit the mark and then some. 

With a track record that stands alone, Woodfield Development sets out to assemble the best team of designers, consultants, architects, contractors and capital sources – every project, every time.

Lantower Residential is a vertically integrated real estate company and subsidiary of H&R Reit specializing in the acquisition and management of multifamily communities in the U.S. applying its proven track record to the acquisition, financing, management and positioning of each individual deal.

Jamie Leachman

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly owned subsidiary of New York Life Insurance Company.

 Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.

CONTACTS:

JUSTIN GOOD

NC Lic. #261333

HFF Managing Director

(919) 573-4642

jgood@hfflp.com

JAMIE LEACHMAN

HFF Senior Director

(202) 533-2524

jleachman@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com