Continental Realty Snags $61M Raleigh Community
- May 25, 2017
Continental Realty Corporation has acquired The Edison Lofts, a 223-unit apartment community located in Raleigh, N.C., from The NRP Group for $61 million.
Sean Wood of ARA Newmark arranged the off-market transaction.
“This is brand new construction in the CBD of Raleigh. It’s irreplaceable location in a market with strong population and job growth,” David Donato, Continental Realty Corporation’s senior vice president, commercial division and multifamily division, told MHN. “NRP, the developer, is known for building quality product, and we believe they have lived up to that reputation in Edison Lofts.”
Located at 131 E. Davie St., The Edison Lofts is comprised of studio, one- and two-bedroom units ranging from 550 to 1,870 square feet. Apartments feature granite countertops, stainless steel appliances, nine-foot and loft-style ceilings, European lighting design and wood plank flooring.
Amenities include a garden courtyard, swimming pool, outdoor grilling area, dog park, state-of-the-art fitness center, package concierge, clubhouse and lounge. There’s also a direct access structured parking garage.
Originally constructed in 2016 by The NRP Group, the seven-story community is right in the heart of downtown Raleigh, close by the city’s central business district. It’s within proximity to Highway 70, and nearby the Raleigh-Durham International Airport.
This is Continental Realty’s first multifamily acquisition in the area and inaugural core investment made outside its value-add focused fund.
“This is a highly appealing urban midrise community,” Donato said. “The ground floor businesses—gelato shop, coffee and beer, etc.—all contribute to the lifestyle of Edison’s residents. It is walking distance to many downtown offices, Red Hat Amphitheater and several parks.”
According to Donato, the company’s research reveals an expected continuing influx of highly educated workers into the Raleigh region to take advantage of the burgeoning employment opportunities available.