Connor Group Pays $26M for 5th Acquisition in N.C. Market
- Apr 12, 2012
by Adriana Pop, Associate Editor
The Connor Group purchased Autumn Woods Apartments, a 236-unit luxury community located in Carrboro, for $26.25 million. The Ohio-based real estate investment firm bought the property from Fairfield Autumn Woods LLC of San Diego.
The community sits on 14 acres and was built in 1997. The Triangle Business Journal reported that Fairfield acquired the apartment complex for $22.1 million in 2006.
Connor Group said this is the company’s fifth acquisition in North Carolina in the past 27 months and its first foray into the Chapel Hill submarket. The other properties the company owns in North Corolina are Atria at Crabtree Valley, Carrington Apartments and Wakefield Glen in Raleigh; as well as Parc at University Tower in Durham.
“We’re a big believer in the North Carolina market,” said Connor Group Managing Partner Larry Connor. “We believe in smart growth, not growth for growth’s sake. North Carolina, from an investment and operations standpoint, is a perfect area for smart growth.”
The company specializes in high-end luxury apartment communities, and its portfolio size has grown to more than $1.3 billion in assets since it was founded in 1991. It now owns and operates approximately 16,000 high-quality apartment units in Columbus, Ohio; Cincinnati, Ohio; Dayton, Ohio; Dallas; Atlanta; and Raleigh.
In regional news, Driftwood Hospitality Management acquired the Hilton Raleigh-Durham Airport at Research Triangle Park under a joint venture with New York-based Apollo Global Management LLC. GE Capital Real Estate, in association with Davidson Hotel & Resorts of Memphis, Tenn., sold the 249-room property for $16.5 million.
“The Hilton Raleigh-Durham Airport at Research Triangle Park aligns perfectly with Driftwood’s expansion plans, as it is a terrific footprint in one of the nation’s most impressive emerging markets,” said Steven Johnson, EVP of Acquisitions for Driftwood.
The hotel is located near the intersection of Page Road and Interstate 40, approximately 2.5 miles from the Raleigh-Durham International Airport. It features 3,200 square feet of flexible function space, wireless Internet access and a business center.
Photo credits: http://www.autumnwoods-nc.com/apartment.aspx