Blackstone Buys New Raleigh Apartments for $41M

Davis Development broke ground in 2017 on the 202-unit community and delivered it earlier this year, with the help of $38 million in construction financing.
Adara Alexandra Place. Image via Google Earth

The Blackstone Group has acquired Adara Alexander Place, a newly built, 202-unit community in Raleigh, N.C., for $41.4 million from Davis Development, according to Yardi Matrix. The multifamily asset came online in March, following two years of construction, financed with a $38 million loan from Branch Banking and Trust Co.

Located at 7610 Aura Loop in the Research Triangle submarket, the community’s four buildings are situated 14 miles east of Wood Partner’s recently completed Alta Blu development. The property is just north of the intersection of U.S. Highway 70 and Interstate 540, a short distance from the metro’s international airport.

The community contains a mix of one- to three-bedroom units, with floorplans ranging between 661 and 1,471 square feet. Property amenities include a dog park, a bocce ball field, a yoga studio and rentable outside storage spaces.

Blackstone has made a number of notable investments in the past 12 months, acquiring some 5,000 units in several major markets, per data from Yardi Matrix. Earlier in May, the firm partnered with TruAmerica to acquire two communities—one in Las Vegas, the other in Atlanta—for nearly $100 million.