Nuveen Expands North Carolina Portfolio
The firm picked up Bell Wakefield, a 360-unit property, for $70.6 million.
Nuveen Real Estate has purchased Bell Wakefield, a 360-unit Class A multifamily property, from Bell Partners for $70.6 million, according to Yardi Matrix data.
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Located at 12201 Oakwood View Drive in Raleigh, N.C., Bell Wakefield was originally developed in 2000 by Altman Cos. and offers one-, two- and three-bedroom units. The amenities include a recently renovated clubhouse now equipped with package lockers, a pool, an outdoor kitchen, a fire pit, a fitness center, lighted tennis courts, a pet washing station and an on-site car center.
According to Yardi Matrix data, Bell Wakefield is currently 95 percent occupied with tenants paying an average rent of $1,316. In October 2013, Bell Partners bought the property, which was previously named Woodlands at Wakefield Plantation, for $46.8 million from Altman Cos., with the help of a $32.5 million loan. Bell Partners then conducted light renovations on the entirety of the property that recently completed, according to Newmark Knight Frank.
Kristina Lynn, director at Nuveen, told Multi-Housing News that they will continue improving the property with complete interior renovations and upgrades to the amenities.
An NKF team of Vice Chairs Sean Wood, John Heimburger and Dean Smith worked with Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon in representing Bell Partners in the transaction. Nuveen did not have any broker representation, according to Wood.
Wood said that Bell Wakefield stood out from the competition due to having the largest floorplans in the submarket with an average floorplan size of 1,206 square feet and having roughly half of the units with direct access garages.
RALEIGH’S ROBUST MARKET
Wood added that the demand in the Triangle neighborhood of Raleigh is as high as it’s ever been, referring to the neighborhood that’s anchored by North Carolina State University, Duke University and The University of North Carolina at Chapel Hill.
He explained that the submarket had a limited available inventory but strong apartment fundamentals which have led to continued growth and interest, especially from investors.
For Nuveen, the submarket has proven worth investing in as they also own three other multifamily properties and two student housing properties in the Raleigh-Durham metro area, according to Lynn.
“The Raleigh multifamily market remains robust due to outsized population growth, a highly educated workforce and a diversifying economic base,” Lynn told MHN.