Investor interest in high-dollar apartment deals in the Triangle hit Hillsborough this week when a Florida company snagged a property south of downtown.

On Wednesday, Tampa-based American Landmark Apartments closed on a $75.5 million deal for the 270-unit Cadence at Cate’s Creek apartments, in a deal breaking down to $279,629.63 per unit.

The property is situated on 21 acres at 100 Waterstone Park Circle across the street from the Cate’s Creek Park.

The seller, an LLC addressed to Ardmore Residential of Greensboro, paid $2 million for the land before building the apartments. Competed in 2017, the apartments feature a mix of one-, two- and three-bedroom units spread across 3-story buildings. Rents range from $1,213 a month for smaller units to as high as $2,419 a month for larger ones, according to Apartments.com.

Amenities at the apartments include a pool, picnic area and walking and biking trails, among others.

While Orange County hasn't seen as high of a sales volume for multifamily properties as neighboring Wake and Durham, it has seen an influx in high-dollar sales in recent years. Last fall, Greensboro investment firm Bell Partners paid $85.25 million for the 272unit Bell Chapel Hill apartment complex in Chapel Hill. And an LLC in care of New

York-based Abacus Capital Group paid $93 million for the 323-unit Trilogy Chapel Hill apartments.

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Hillsborough apartments sell for $75M as market demand spreads

- Triangle Business Journal (bizjournals.com)