Hawthorne Residential Partners agreed to terms with DRA Advisors on the sale of The Hawthorne at the Parkway, a 247-unit apartment complex in Cary for $60.85 million. DRA Advisors has changed the property’s name to Crestline Cary. The complex, which is 92% leased was built in 1992.
The Triad Business Journal reports Hawthorne Residential Partners of Greensboro bought the community in 2013 for $27.1 million.
The apartments are off SE Cary Parkway a little east of the retail corner at Kildaire Farm Road that includes retailers Trader Joe’s, Barnes & Noble and Aldi as well as several restaurants.
In October, Hawthorne Residential bought the Reserve at Bridford community in Greensboro for $41.5 million.
DRA Advisors owns 40 multifamily properties in 14 states. In recent years, DRA has sold off local properties, including the Lake Cameron apartments in Apex in 2024 and the Apartments at Midtown 501 in Chapel Hill in 2023.
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