Greystar Trades 252 Units in Raleigh
The community came online in 2024.
Greystar has sold Milo, a 252-unit multifamily community in Raleigh, N.C., for an unspecified price. Milo Apartments LLC, a private investor, bought the asset.
Completed in 2024, Milo consists of eight three-story residential buildings. The previous owners took out a $43.6 million construction loan for the development in 2022, according to Yardi Matrix data. The property offers one-, two- and three-bedroom units that average 889 square feet each, with features including stainless steel appliances, quartz countertops, soaking garden tubs and private patios or balconies.
Common-area amenities at Milo include a pool and sundeck, poolside cabanas, an outdoor grill kitchen, a yoga lawn, a dog park and a community garden. There is also a coworking hub, fitness center, cardio and cycle studio and a resident lounge.
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Milo is located on more than eight acres at 821 Hanbury Way in West Raleigh, along the I-40 corridor, which links the city to Research Triangle Park, Durham and Chapel Hill. Duke University, The University of North Carolina-Chapel Hill and North Carolina State University are also in the area.
JLL represented Greystar in the deal. The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors John Mikels and John Gavigan, Director Chase Monroe, Associate William Martin and Analyst Mccullough Campbell.
Weakening fundamentals
The Raleigh-Durham multifamily market, generally robust in recent years, is slowing down, with the occupancy rate in stabilized properties coming in at 93.1 percent as of March, according to Yardi Matrix data. That’s a 70-basis-point decrease year-over-year, according to Yardi Matrix data. Rents edged up by 0.1 percent on a trailing three-month basis as of April.
Nevertheless, investors are interested in the market. Earlier this month, Turnbridge Equities acquired SkyHouse Raleigh, a 320-unit community in downtown Raleigh from World Wide Group for $71.9 million.
At nearly the same time, Marcus Partners acquired Aventon Nora, a 372-unit community in the area. Local developer Aventon Cos. sold the property in a deal valued at nearly $79.9 million.
