Beverly Hills Firm Enters NC Market With $37M Buy
- Nov 02, 2017
Avison Young has brokered the $37.3 million acquisition of Woodfield Glen Apartments in Raleigh, N.C. Inco Monterra of Beverly Hills, Calif., purchased the 233-unit property. Avison Young Vice Presidents Craig Cadwallader, Grant Linderman and Sam Chow and Principal Peter Sherman, along with the firm’s Southern California multifamily institutional investment sales practice leader, collaborated on this deal. ARA Newmark represented the seller, Grayco Inc.
Located at 3801 Glen Verde Trail, the property provides easy access to interstates 540 and 40. Woodfield Glen is six miles from Raleigh-Durham International Airport and minutes from Research Triangle Park, North Carolina State University and downtown Raleigh. Built in 2008, the property is situated on more than 16 acres along one of the metro’s densest commercial and residential corridors. The community features 106 one-, 111 two- and 16 three-bedroom units, ranging from 716 to 1,329 square feet. Amenities include:
- salt water pool
- fitness center
- storage rentals
- community game room
- 300 parking spaces
According to Yardi Matrix data, the market-rate property last traded in 2011, when Grayco purchased it from Woodfield Investments for $28.5 million, or $122,318 per unit. Now, Woodfield Glen closed at a price per unit of $160,000.
“We assisted in developing Inco Monterra’s strategy to diversify geographically out of state in select growing markets and take advantage of higher comparative yields. Working closely together, we narrowed the search to three target submarkets and immediately began actively pursuing opportunities,” said Sherman, in prepared remarks.
Raleigh-Durham year-to-date sales in the multifamily sector totaled more than $1.2 billion. A recent National Multifamily Housing Council and National Apartment Association report states that North Carolina will need an additional 220,000 apartment units by 2030.
“Our region’s exceptional population and job growth continue to fuel demand for housing, a trend that will, no doubt, drive robust demand from multifamily investors,” said John Linderman, Avison Young principal & managing director.
Image courtesy of Avison Young
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