Hudson Capital Properties has closed on the purchase of two multifamily properties which adds 512 units to the companies growing Southeastern portfolio. The firm paid a combined $66 million for an average of just over $128,900 per unit. The assets encompass the 288 unit Cary Reserve at Weston in Cary, NC. for $46.8 million and the 224 unit Willow Trail in Norcross, Ga. for $19.3 million. The company plans on investing $7 million of additional capital into strategic improvement plans for both properties.
“Our goal for 2018 is to continue building out our portfolio, specifically targeting acquisitions in our target markets including Atlanta, the Research Triangle [Raleigh, Durham, Chapel Hill], and Dallas-Ft. Worth, which we feel enjoy a combination of favorable demographics and employment growth, good weather, and lower cost of living that makes certain Southeastern apartment markets so attractive,” said Robert Cohen II, executive vice president of HCP.
