Retreat at the Park, an upscale apartment community in a growing corridor of the Triad, sells for $3

An upscale apartment community in a growing corridor of the Triad sold for $37.8 million in a transaction that closed Tuesday.

Carter Funds, a privately owned real estate investment advisory and management firm based in Tampa, Florida, bought Retreat at the Park in Burlington from Diamondback Investment Group of Greensboro.

Diamondback, owned by Zach Tran and Hal Kern, bought Retreat at the Park for $34.8 million in September 2018. Tran had headed another group that had developed the community.

The 249-unit, upscale complex, completed in 2015, is just across Rural Retreat Road from Joe C. Davidson Park, a short walk from several shopping and restaurant options – including Alamance Crossing shopping center – and less than a half-mile north of Interstate 40 via University Drive.

On its website, Carter lists North Carolina apartment communities in Fayetteville and Greenville in its portfolio.

In February, Diamondback announced its intentions to develop Castleton Village on more than 460 acres on the former Johnson property along in an area along Guilford College Road, designated to Jamestown for future annexation.

After gathering feedback from nearby residents, Diamondback altered its plan, converting the major commercial component into a recreational area, and moving apartments and amenities away from existing neighborhoods.

Tran said Diamondback was waiting for a PUD vote by Jamestown before seeking annexation and proceeding on development. The public hearing has been postponed due to the COVID-19 pandemic.

Diamondback also has plans for 275 townhomes in Kernersville near the Union Cross Road interchange with I-40.