Inland Group Lands $50M NC Community
- Dec 07, 2017
Inland Real Estate Acquisitions Inc. has closed the acquisition of Alta Legacy Oaks, a 304-unit multifamily property in Knightdale, a western suburb of Raleigh, N.C. According to Yardi Matrix data, Wood Partners sold the property for $49.5 million. Inland’s Senior Vice President Mark Cosenza and Assistant Vice President Brett Smith brokered the deal on behalf of an Inland affiliate.
Located at 1150 Baxter Lane, the community is less than two miles from a major retail area that includes Target, Home Depot, Lowes Foods, Petco and Dick’s Sporting Goods. Built in 2009, the 14 three-story buildings feature one-, two- and three-bedroom units, ranging in size from 744 to 1,502 square feet. Amenities include:
- swimming pool
- fitness center
- business center
- dog park
- 546 parking spaces
As of November, the multifamily property was 96 percent occupied. The new owners will rename the community View at Legacy Oaks.
“The View at Legacy Oaks provides more than 118,000 residents within a five-mile radius with convenient access to a variety of medical, government, technology, banking and education employers in the area,” said Cosenza, in prepared remarks.
Image courtesy of Yardi Matrix
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