Tenant-in-common investors have purchased Highbrook, a multi-family housing community in North Carolina, from Brown Highbrook LLC, Four Plus Highbrook LLC, and Highbrook Investment Property Operations.
The financial details of the sale were not disclosed.
Highbrook is a 312-unit multi-family housing community in High Point, N.C., close to Greensboro, N.C. The property consists of 1, 2 and 3 bedroom units in 13 three-story apartment buildings, with units ranging from 763 square feet to 1,233 square feet and the average monthly rent is $700.
The apartment community also offers tenants a variety of amenities including: On-site management, a fitness center, an outdoor swimming pool, walk-in closets, private balconies and outdoor grills. Highbrook is currently 91% occupied.
Michael Frieman of Triple Net Properties and Gus Remppies and Jay Olander of ROC Realty Advisors represented the tenant-in-common buyers. Wachovia Bank provided financing.
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