Abacus, BMC, Turnbridge Pay $73M for Raleigh Property
The community previously changed hands for $53 million.
Abacus Capital, BMC Investments and Turnbridge Equities have purchased Sterling Town Center, a 339-unit asset in Raleigh, N.C., for $73.1 million from Electra America, Yardi Matrix data shows. Newmark issued a Freddie Mac acquisition loan of $47.5 million.
This deal marked BMC’s first foray into the Raleigh market, as well as the state of North Carolina.
The 2013-completed property previously traded for $53 million in 2018 when Electra purchased it from Macquarie Group.
Sterling Town Center comprises five three- and four-story buildings featuring one- to three-bedroom floorplans ranging between 671 and 1,287 square feet. Community amenities include two swimming pools, a clubhouse, a gym and a park.
READ ALSO: Raleigh Multifamily Report – June 2025
The new ownership plans to implement an exterior improvement program, which includes new paint, improved landscaping and parking lot enhancement, in addition to overhauling the amenity package. Select units will also undergo interior renovations.
Located on more than 27 acres at 7880 Triangle Promenade Drive, the property is roughly 8 miles northeast of downtown Raleigh. A nearly 700,000-square-foot shopping center and a 22-acre park can be found within walking distance.
BMC Investments has committed nearly $1 billion in equity throughout 37 multifamily acquisitions since its founding in 2011. It has owned, developed and operated 13,745 multifamily units, most being in Colorado.
Turnbridge Equities has invested or managed upward of $4 billion in capital across two managed funds and several co-investment vehicles. In Raleigh, the company owns a portfolio of nearly 1,000 completed and under-development units. Most recently, it broke ground on Highline Glenwood, a 306-unit project in the city’s downtown area. Completion is set for 2028.
Research Triangle market softens as deliveries peak
Investors across metro Raleigh-Durham, N.C., traded 13 properties bearing 50 units and up for a total multifamily transaction volume of $582.3 million during 2025’s first seven months, according to Yardi Matrix data. This marked a 19.8 percent year-over-year decrease in sales.
Meanwhile, the market’s advertised asking rental rates were also down 0.6 percent in July compared to last year, a recent Yardi Matrix report shows. This market softening lands as the Research Triangle’s completions accounted for 6.1 percent of stock over the past year, placing the metro fifth across the nation.
