The Oaks apartment complex on Amos Bridges Road in the Northview area of Sanford, has been sold to New Hampshire-based Keystone Management.
Carter Keller of Carolina Commercial Contractors, who built the 360-unit apartment complex in the late 1990s, said the deal closed on Jan. 30. Keystone Management owns several other apartment complexes in North Carolina, including Aspen Pointe on Arrowwood Circle and Juniper Point on Juniper Drive in Sanford.
“(Keystone) was a great company to deal with. It was a good transaction,” he said.
The Northview area of Sanford has seen plenty of commercial growth in recent years, with FirstHealth erecting a medical facility on the other side of U.S. 1 and a Fairfield Marriott hotel under construction. Several units at the Oaks were damaged in a fire in 2018, and Carolina Commercial Contractors performed extensive renovations to those units at that time.
According to Keller, the company had been approached several times in recent years about selling the complex, which was the first one he built.
“Because we’d been approached so many times, we decided we would put it on the market and see what interest was out there,” he said. “The timing was just right.”
Keller’s company still owns and operates the South Park Village apartment complex along N.C. Highway 87. But he said the decision to sell the Oaks was difficult.
“That was my first one,” he said. “It was hard for me personally to do.”