Mill Creek Residential has completed its purchase of Alister Lake Lynn, a 312-unit garden-style apartment community located at 6421 Campus Drive in Raleigh, N.C. Mill Creek acquired the property through its Multifamily Value-Add Fund from the building’s previous owner, Electra America. Electra had obtained the property in a joint venture with American Landmark Apartments as part of a portfolio in 2018, which is subject to a $30.1 million loan from Freddie Mac.
Originally called Edinborough Commons, following its construction in 1997 Alistair Lake Lynn hosts three stories of one-, two- and three-bedroom homes totaling 297,436 square feet, according to CommercialEdge data. Unit amenities include stainless steel appliances, granite countertops, plank flooring and in-home laundry appliances, as well as private patios and balconies. The community features a fitness center, swimming pool, tennis courts and a co-working space. Located in Northwest Raleigh, the community is situated within 10 miles of the city center and within 20 miles of the Raleigh-Durham metro’s largest employers and universities.
Raleigh’s rise to the top
The Raleigh-Durham market remains a hotbed of multifamily in-migration due to its lower cost of living in comparison to other markets in the Southeast as well as its lucrative and diverse employment opportunities, mainly in the research and technology industries. The city ranked among 2021’s top 10 markets in the nation for sales volume, with a total volume of $5.1 billion, according to a June 2022 report from Yardi Matrix.
As of April 2022, the city has seen $1.1 billion in investment, a nearly 25 percent increase from the same period in 2021, according to Yardi Matrix data. Demand for space has vastly overtaken supply, as the city has 17,892 units in its construction pipeline, with another 89,900 units in the preliminary stages of development. Two such projects currently underway are Aventon Cos.’ commencement of Aventon Kit Creek, a 293-unit market rate development as well as Wood Partners’ construction of Alta Vale, a 306-unit project.