Triangle Business Journal - Amanda Jones Hoyle
A Philadelphia investor has paid $39 million for the Ashley Park at Brier Creek luxury apartment complex in west Raleigh. Switzenbaum & Associates, a real estate investment and management company that specializes in multi-family rental properties, purchased the 374-unit Ashley Park complex from Equity Residential Properties Trust, a real estate investment trust based in Chicago. The per-unit purchase price works out to $104,278.
ERP had owned the property since March 2005 when it paid $37 million for it.
Ashley Park was built in 2001 at the southwest corner of the intersection of Glenwood Avenue and Brier Leaf Lane in Raleigh. The property has on-site a spa, a swimming pool, tennis courts, a playground, a clubhouse, indoor basketball court, a movie screening room, fitness and business centers.
Units range in size from 816-square-foot, one-bedroom apartments to 1,618-square-foot, three-bedroom apartments.
Switzenbaum will take over management of the property.
“This is the best time in the last 10 years to buy real estate,” says Sam Switzenbaum, president and chief executive of Switzenbaum & Associates. “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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