Newmark announces that the firm’s Multifamily Capital Markets group facilitated both the sale and $35.8 million Freddie Mac financing of The Reserve at Cary Park, a 240-unit, four-story asset located at 2000 Cary Reserve Drive. The value-add investment property offers a unique combination of Class A garden construction, with 9’ ceilings and oversized floorplans, in addition to a prominent infill Cary location that is walkable to retail.

Newmark’s Vice Chairmen Sean Wood, John Heimburger and Dean Smith, Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon represented the seller, Duck Pond Realty. Financing, on behalf of the buyer The Connor Group, was secured by Executive Managing Directors Henry Stimler, Bill Weber and Matthew Mense, along with Vice President Dan Sarsfield.

“This was a very smooth transaction,” said Wood, “and a great opportunity for The Connor Group to expand their growing footprint in the Carolinas in the sweet spot of affluent Cary’s path of growth.”

“We are thrilled with the outcome,” said Stimler. “Once again, our platform has demonstrated that we are a one-stop-shop for multifamily, having sold, marketed and financed the property all under one roof. It makes for a seamless transaction on all sides.”

Built in 2007, The Reserve at Cary Park includes floor plans among the largest in the submarket and carriage homes with dedicated garages unique in the Triangle. Accordingly, the new owners can expect sustained organic rent growth while also implementing a high-end interior renovation program that will yield consistently robust returns on the premier garden apartment community in sought-after Cary, NC.

One-, two- and three-bedroom floorplans include walk-in closets, stainless appliances, LED lighting, custom cabinetry, laundry rooms with full-sized washer/dryers, fireplaces and a private balcony or patio. The grounds are pet-friendly and offer a resort-style swimming pool, fitness center, clubhouse, tv and billiards lounge, BBQ stations, indoor basketball and racquetball courts, and a bike exchange.

The 11.1-acre community is located just off Highway 55, as well as the I-540 beltline considered the Triangle’s wealthiest zip code. Additionally, the property offers proximity and direct access to the Research Triangle Park, Raleigh-Durham’s largest employment node, which is home to over 50,000 employees.