By Carl Cronan, GlobeSt.com
RALEIGH, NC-Philadelphia-based Switzenbaum & Associates has purchased the 374-unit Ashley Park at Briar Creek apartments here for $39 million, or $104,300 per unit. The luxury complex is located within the Research Triangle, near North Carolina State University, Duke University and the University of North Carolina.
Ashley Park offers rental units ranging between one and three bedrooms each, from 816 to 1,618 square feet. Switzenbaum, which owns several other multifamily properties across the country, will manage the local property.
“This is the best time in the last 10 years to buy real estate,” says Sam Switzenbaum, the company’s president and CEO. “We can buy an Ashley Park today at substantially less than replacement cost, which is why we are looking at acquisitions and not new construction as the way to create sound investments to our portfolio.”
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