Magnolia Sells Raleigh Community After Short Hold
HFF marketed Stonehenge Apartments on behalf of the seller, which purchased the property last year for $56.7 million.
Magnolia Capital has sold Stonehenge Apartments, a garden-style community in Raleigh, N.C.’s North Raleigh submarket. HFF marketed the asset on behalf of the seller, who purchased the property back in January 2017 for $56.7 million, from Ram Real Estate, according to Yardi Matrix.
Located at 7303 Hihenge Court, the community offers 452 one-, two- and three-bedroom floorplans ranging from 776 to 1,501 square feet. The property is situated on 46.6 acres within North Raleigh’s master-planned Stonehenge neighborhood. Stonehenge Apartments is within close proximity to downtown Raleigh, interstates 540 and 440, and Stonehenge Market, a grocery-anchored shopping center that features Harris Teeter, Starbucks and Rite Aid. Residents have access to amenities including:
- 7,000-square-foot clubhouse
- fitness center
- indoor basketball/racquetball court
- three swimming pools
- grilling areas
- law amenity space
- pet wash
- fire pit
- business center
- resident lounge with demo kitchen
The seller implemented an extensive capital improvements plan on the community, upgrading the common area and clubhouse spaces, as well as renovating apartment interiors.
The HFF investment advisory team that arranged the sale included Managing Directors Jeff Glenn and Justin Good, Senior Director Allan Lynch and Director Caylor Mark. Last month, the same team represented TH Real Estate in its $42.7 million disposition of Southpoint Glen in Durham, N.C.
“Stonehenge is a landmark apartment community in a submarket with little new development,” said Glenn, in a prepared statement. “Recognizing these attributes, Magnolia Capital implemented a first-class repositioning of the asset that will benefit future ownership for years to come.”
Image courtesy of HFF