A joint venture between a Canadian investor and a Florida property management firm has acquired two Cary apartment complexes for $55.7 million.
Timbercreek U.S. Multi-Residential Opportunity Fund #1 paid $25.6 million for the 344-unit Woodbridge apartments and $30.1 million for the 444-unit Hidden Oaks apartments, according to Wake County property records.
The fund is a partnership between Toronto-based Timbercreek Asset Management and Elco Landmark Residential of Jupiter, Fla., which will manage the properties.
The fund, created last fall, targets apartments in the Southeast that are mismanaged, mispriced or in some sort of distress, said Carrie Morris, marketing manager for Timbercreek. The fund then renovates and repositions the properties with plans to sell them within a two to three year timeframe.
The fund raised $150 million initially, and is in the process of raising more capital.
Before the two Cary acquisitions, the fund’s portfolio included 1,380 units in four properties in Austin, Charlottesville, Va., Charlotte and Chapel Hill.