CBRE Global Investors Pays $76M for Raleigh Apartments

The sale comes less than a year after the 318-unit Class A development in Morrisville, N.C., delivered.
The Residences at Shiloh Crossing. Image courtesy of Rule Joy Trammell + Rubio

The Carlyle Group has sold Residences at Shiloh Crossing, a 318-unit Class A community in Morrisville, N.C., to CBRE Global Investors. The sale price was $75.7 million, according to documents filed with Wake and Durham counties.

The property, initially a development under Dominion Realty Partners’ wing, broke ground in mid-2018 and was completed last year. First Horizon Bank had backed the project with a $33.9 million construction loan, according to Yardi Matrix. Batson Cook Construction Co. was the general contractor, and Rule Joy Trammell + Rubio provided design services.

Located on 35.5 acres at 3000 Dominion Ridge Circle, Shiloh Crossing is a short distance from the intersection of interstates 40 and 540, less than 15 miles from central Durham and downtown Raleigh. The community’s six three-story buildings have a mix of studio, one-, two- and three-bedroom apartments, with floorplans ranging between 631 and 1,261 square feet. Property amenities include a 24-hour fitness center, a pet park, a swimming pool, outdoor fireplaces and grilling stations. The asset also has 18 detached parking garages available to residents for an extra charge.

Despite the challenges of the past year, multifamily markets in the Southeast largely remained resilient, and Raleigh-Durham was no exception: Yardi Matrix shows that more than $2.1 billion in transactions closed last year in the market, with an additional $600 million in volume this year through April.