Burlington Apartment Community Sold to Florida Firm

Posted By: Jon Lowder Blog ,

Retreat at the Park, a 249-unit community built in 2015, was sold this week by Diamondback Investment Properties. The Triad Business Journal has a story with the specifics:

An upscale apartment community in a growing corridor of the Triad sold for $37.8 million in a transaction that closed Tuesday.

Carter Funds, a privately owned real estate investment advisory and management firm based in Tampa, Florida, bought Retreat at the Park in Burlington from Diamondback Investment Group of Greensboro...

Diamondback, owned by Zach Tran and Hal Kern, bought Retreat at the Park for $34.8 million in September 2018. Tran had headed another group that had developed the community.

The 249-unit, upscale complex, completed in 2015, is just across Rural Retreat Road from Joe C. Davidson Park, a short walk from several shopping and restaurant options – including Alamance Crossing shopping center – and less than a half-mile north of Interstate 40 via University Drive.