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Hawthorne at the Trail Sells for $32M

Hawthorne at the Trail Sells for $32M

Dallas-based Milestone Apartments REIT inked a deal to buy the 252-unit Hawthorne at the Trail apartments for more than $32M. The property is being purchased at an estimated cap rate of 6.4%, with the deal expected to close by July; it's Milestone's first foray into the Charlotte market. The garden-style property is at 1101 Flagstone Lane in Indian Trail and is 95% leased, CoStar reports. The seller, Hawthorne Residential Partners, acquired the complex in 2012 for $24.6M. [CoStar]