DivcoWest JV Pays $59M for Raleigh Apartments

CrossHarbor Capital Partners provided $50.8 million for the acquisition.
The Proper. Image courtesy of DivcoWest

Vie Management has sold The Proper, a 384-unit student housing community in Raleigh, N.C., for $59.1 million to a joint venture between DivcoWest and Blackfin Real Estate Investors, according to Yardi Matrix. The buyer financed the deal with a $50.8 million loan from CrossHarbor Capital Partners. The new ownership plans to reposition the asset to appeal beyond student renters.

Located at 403 Wolf Creek Circle, midway between downtown Raleigh and Cary, N.C., the community has a mix of two-, three- and four-bedroom units with floorplans between 919 and 1,434 square feet.

The property’s amenities include a clubhouse, coworking lounge, yoga studio, sand volleyball court and dog park, with shuttle service connecting residents to North Carolina State University. 

The community is less than 2 miles from the intersection of interstates 40 and 440. NCSU’s stadium is 1 mile north, and the university’s central campus is 3.5 miles east.

The acquisition is the joint venture’s second: The first, the $94.3 million purchase of the 392-unit Windsor Herndon in Herndon, Va., closed in October 2018. Earlier this year, DivcoWest joined forces with Atlas Real Estate to form a $1 billion partnership to acquire and renovate single-family rental homes in the West.