Hillsborough, N.C., Apartments Sold for $75.5Mln

Triangle Business Journal

American Landmark Apartments has bought Cadence at Cate's Creek, a 270-unit property in Hillsborough, N.C., for $75.5 million, or about $279,630/unit. The Tampa, Fla., company acquired the complex from Ardmore Residential of Greensboro, N.C.

Cadence at Cate's Creek sits on 21 acres at 100 Waterstone Park Circle. The three-story property was built in 2017 and has one-, two- and three-bedroom units, with monthly rents ranging from $1,213 to $2,419, according to the Apartments.com website. It includes a swimming pool, picnic area and walking and biking trails.

The transaction is the latest between American Landmark and Ardmore. Earlier this month, American Landmark paid $98.6 million for the 357-unit Ardmore King's Court complex in Charlotte, N.C.