Switzenbaum & Associates

Philadelphia investor buys apartments for $39M

Triangle Business Journal - Amanda Jones Hoyle

A Philadelphia investor has paid $39 million for the Ashley Park at Brier Creek luxury apartment complex in west Raleigh. Switzenbaum & Associates, a real estate investment and management company that specializes in multi-family rental properties, purchased the 374-unit Ashley Park complex from Equity Residential Properties Trust, a real estate investment trust based in Chicago. The per-unit purchase price works out to $104,278.


Apartments fetch $39M in buyers' market

- Staff Writer - Raleigh News & Observer

A Philadelphia real estate company is taking advantage of a buyers' market to snap up a northwest Raleigh apartment complex.

Switzenbaum & Associates on Wednesday paid $39 million for the 374-unit Ashley Park at Brier Creek. The price was 5 percent more than what Chicago-based seller Equity Residential, one of the nation's biggest real estate investment trusts, paid in March 2005.


Apartment Complex Sells for $39M

By Carl Cronan,

RALEIGH, NC-Philadelphia-based Switzenbaum & Associates has purchased the 374-unit Ashley Park at Briar Creek apartments here for $39 million, or $104,300 per unit. The luxury complex is located within the Research Triangle, near North Carolina State University, Duke University and the University of North Carolina.