JV Acquires Land for Senior Housing Project in Raleigh
The fourth and final 8.5-acre parcel of the St. Albans at Midtown development has traded for $3.9 million. The new owners are planning to use the site for the construction of a 189-unit retirement community.
By Beata Lorincz
901 St. Albans Drive in Raleigh, N.C.
A joint venture of NorthView Partners and Navion Senior Solutions has purchased an 8.5-acre parcel within the 51.3-acre St. Albans at Midtown development in Raleigh, N.C., marking the final sale of the four-site ensemble. The new owners are planning to use the property for the construction of a senior housing community. The sellers, including Wells Fargo Bank, Henry Sink and Richard Williams, all acting as Trustees for local families, disposed of the vacant land for $3.9 million.
The property is located at 901 St. Albans Drive, in the northern part of the city, near Interstate 440. Duke Raleigh Hospital is within half a mile of the site, while the North Hills mall is roughly one mile away. Eastgate Park and the North Hills Golf Club are also within easy reach.
The Reserve at North Hills
The joint venture partners are planning the construction of The Reserve at North Hills, a 189-unit senior housing community offering independent living, assisted living and memory care facilities. Common area amenities will include:
- full-service restaurant
- coffee bistro
- indoor aquatics center
- fitness and rehab facility
- pharmacy
HFF’s investment advisory team including Managing Directors Justin Good and Jeff Glenn, Senior Director Allan Lynch and Director Sarah Godwin, represented the seller. Mark Barker and Frank Morisey led NorthView, while Steve Morton and Arick Morton represented Navion, who will act as operator of the upcoming community. NorthView Construction, led by Michael Peele, will be the general contractor.
Image via Google Maps
