APG is pleased to announce our Dealmakers of the month as Bob Touchton, Bo McHugh, Frank Quinn, and David Batten. Continue reading for a bit of insight into some of their recent deals.
Flex Property Sale
Bob Touchton represented the buyer in the sale of 5808 Departure Drive, a 24,000 square foot Class B flex building situated on 2 acres in northeast Raleigh. In 2010 the site was upfitted to accommodate church services with seating capacity for over 400 attendees; the property was operated by Summit Church until 2020. The current buyer, Vision Church, paid $3.4 million for the property in January, or approximately $142 per square foot. Bob Touchton has represented churches and nonprofit organizations in the Triangle area for over ten years.
Multifamily – 2-Property Portfolio Sale
Bo McHugh, Vice President – Multifamily Sales, represented the seller in the sale of the Oak Hill Apartments, a 72-unit garden apartment community located in suburban Charlotte, in Wadesboro, North Carolina, as well as Highland Green, a 50-unit townhome style apartment community in Henderson, NC. The buyer is California-based Stonebridge Global Partners, a developer and owner operator of affordable housing communities.
The Oak Hill Apartment community is situated on 7 acres at 1355 No. Green Street in Wadesboro, NC. Built in 1972, the property contains a mix of 1-, 2-, and 3-bedroom units ranging from 780 to 1,066 square feet. The property closed for $4 million, a per unit price of $55,555.
The Highland Green apartments are situated on 10.5 acres at 111 So. Pinkston Street in Henderson. Built in 1981, the property contains 50 2-story townhome style units averaging 970 square feet. The property closed for $4.5 million, or $90,000 per unit.
Land for Development – Sale
Frank Quinn and David Batten represented the seller in the sale of a 22-acre tract in Harnett County, recently rezoned from commercial to residential use. The vacant tract, located at 45 Bruce Johnson Road near the intersection of Routes 210 and 421, falls within an Opportunity Zone. The transaction closed for $950,000, or $42,735 per acre.