Indiana Company Buys 192-Unit Community

Posted By: Jon Lowder Blog ,

According to an article in the Triad Business Journal, an Indiana-based company has purchased the 192-unit StoneBrook apartment and townhome community. From the article:

The Sterling Group of Mishawaka, Ind., paid $21.9 million for StoneBrook, a 192-unit complex just off Interstate 40/85 at 1301 Dogwood Road in Mebane. The seller, Dasmen Residential of Suffern, New York, had purchased the 8.5 acre property in July 2016 for $16.7 million...

StoneBrook was built in 1997 and includes townhomes and garden-style apartments. As of closing on Dec. 16, the units were approximately 93 percent occupied. The community is just southwest of the intersection of Fifth Street and Mebane Oaks Road...

Sterling owns/manages more than 30 apartment communities in the Midwest and Southeast, including three in metro Charlotte. The company's portfolio also includes more than 20 Mini Storage Depot locations.