Knightvest Capital Pays $42M for First Raleigh Asset
The 250-unit Ashton last changed hands for a little over $23 million in 2013.
Knightvest Capital has acquired The Ashton, its first Raleigh, N.C., community. The buyer paid $42 million, or $168,000 per unit, Yardi Matrix data shows. Hawthorne Residential Partners sold the 250-unit property.
Jackson National Life Insurance Co. originated a three-year, $33.7 million acquisition loan. The community—formally known as Hawthorne at the Trace—last traded in 2013 for almost half the amount, when PGIM Real Estate sold the property for $23.1 million.
Located at 8224 Green Lantern St., the community was completed in 1995 and comprises 15 three-story buildings. Apartments feature one- to three-bedroom options, ranging in size from 620 to 1,250 square feet. Common-area amenities include a tennis court, pool, fitness center and clubhouse. The Ashton is some 3 miles from William B. Umstead State Park, 6 miles from Raleigh-Durham International Airport and 10 miles northwest from the metro’s downtown. Additionally, the asset is close to several retail and dining options.
Hawthorne Residential Partners recently completed another disposition in Austin, Texas. The 284-unit Patten East, situated in the city’s East Riverside submarket, is close to Oracle’s Waterfront Campus.