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Photo credit: CNL Growth Properties
CNL Growth Properties inked a deal to sell Realm Patterson Place Apartments in the South Durham market for about $60M, according to a recent 8-K filing. The company, one of several non-traded REITs managed by Orlando-based CNL Financial Group, decided to liquidate all of its multifamily properties and dissolve itself.
The REIT owns a 90% stake in the property, with an affiliate of the Bainbridge Cos owning the rest. Real Patterson Place is a 322-unit garden-style apartment complex developed by CNL/Bainbridge in 2013. The buyer is a private entity.
