Brazos Residential Expands North Carolina Portfolio
The transaction marks the company’s 10th acquisition in the state during 2022.
The Chelsea Apartments
Brazos Residential LLC has acquired The Chelsea Apartments, a 280-unit multifamily community in Raleigh, N.C. Yardi Matrix information shows that the asset previously traded in 2019, when Archway Holdings purchased it from REM Finance.
The transaction marks the buyer’s 10th acquisition in the state and 15th overall multifamily purchase in 2022. The company’s previous deal was also in North Carolina, where it picked up two assets totaling 425 units back in November.
Completed in 1985, the property encompasses 15 buildings with one- and two-bedroom floorplans, ranging between 600 and 1,049 square feet. Apartment interiors feature in-unit washers and dryers, vaulted ceilings and fireplaces in select units. Community amenities include a fitness center, two swimming pools, a tennis court, two laundry facilities and a clubhouse, as well as 415 parking spaces, according to Yardi Matrix data.
Located at 3008 Calvary Drive, the community is near highways 1 and 401, offering access to large employers in the area, such as WakeMed Health & Hospitals and IBM Corp. The asset is situated within walking distance of the Capital Boulevard retail corridor, which contains various dining and retail options.
Brazos Managing Partner & Cofounder James Roberts stated in prepared remarks that the team’s background in brokerage helped circumvent the standard bidding process, allowing the purchase to be completed off-market. Additionally, the new owner plans to a implement a capital improvement plan, maximizing return to investors.
