Northmarq successfully completes $71.3M sale of Preston Ridge Apartments in Hickory, NC

HICKORY, N.C. — Northmarq’s Carolinas Multifamily Investment Sales team led by John Currin, and Austin Jackson, Andrea Howard, Jeff Glenn and James Dorsett successfully completed the $71.3 million sale of Preston Ridge Apartments, a 340-unit garden walk-up community located at 2001 Startown Rd. in Hickory, North Carolina.

Northmarq represented the seller, Lat Purser and Associates. The buyer was Passco Companies.

"Preston Ridge is a best-in-class development in the vibrant Hickory market,” Currin said. “With Lat Purser’s deep market insight and thoughtful execution, the project is well positioned to deliver long-term value and sustained growth for the new owner.”

Built in two phases with the first in 2020 and the second in 2023, Preston Ridge offers one-, two- and three-bedroom floorplans with a mix of local charm and sophistication. The community is pet friendly, and units feature a patio or balcony, stainless steel appliances, quartz countertops, washer/dryer, and walk-in closet.

Community amenities include a pool, fitness center, co-work and lounge areas, storage units, package delivery lockers, on-site management and maintenance, full community kitchen, yoga room, dog wash station and more.

Preston Ridge offers fast access to local hotspots and recreation destinations with Valley Hills Mall, historic downtown Hickory, and Cliff Teague Park all just minutes away. Its location has nearby access to Interstate 40 and U.S. Hwy 70 as well as restaurant and shopping options.