Hickory Preston Ridge Apartment Complex Sells for $71.3 Million
The 340 unit Preston Ridge Apartments spans over 20 acres. Image courtesy of Northmarq
A major multifamily community in Hickory has recently sold, resulting in what is likely the largest real estate transaction Hickory has ever seen.
Previous owners Lat Purser & Associates completed the sale of Preston Ridge to Passco Companies in a transaction valued at $71.3 million. The deal was arranged by Northmarq, who represented the seller.
Before the sale, the property was tied to a $46 million loan that was originated by SouthState Bank in March of last year. Construction of the community was fully completed in 2024.
The 340-unit garden-style apartment community includes 13 residential buildings ranging from three to five stories. Floor plans consist of one-, two-, and three-bedroom layouts. Residences feature private patios or balconies, in-unit washers and dryers, and walk-in closets. The community covers a span of 24 acres.
Residents have no shortage of amenities, including a swimming pool, fitness center, clubhouse, coworking and lounge spaces, a yoga studio, and a dedicated dog park. The development is also pet-friendly.
In addition to residential space, the property includes roughly 25,200 square feet of retail on-site. The location offers convenient access to major retailers, with Walmart and Sam’s Club about a mile away and Target and Valley Hills Mall just over a mile in the other direction. Several dining options are also within walking distance, adding to the community’s appeal.
What does it mean for us?
A transaction of this size signals something bigger than just one property changing owners — it highlights how outside investors are viewing Hickory as a growth market. Large multifamily sales typically happen where buyers see long-term job stability, population movement, and continued housing demand. A $71.3 million purchase shows confidence that this area can support higher-end rental communities and sustained occupancy.
Hickory has been steadily gaining attention due to its location along the I-40 corridor, relative affordability compared to larger North Carolina metros, and ongoing development in retail, healthcare, and manufacturing. Deals like Preston Ridge suggest institutional investors believe the region’s growth isn’t temporary — they’re betting on Hickory’s future.
For local residents, this kind of investment can be a double-edged sword. On one hand, it often brings well-maintained communities, new amenities, and continued commercial development nearby. On the other, large acquisitions at premium prices can put upward pressure on rental rates over time as new owners work to meet return expectations.
Either way, this sale stands as one of the clearest signs yet that Hickory is no longer flying under the radar in the commercial real estate world.
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