KETTLER Pays $119M for Raleigh-Area Apartments

Pacific Life Insurance provided the buyer of the newly completed 493-unit Class A multifamily asset with $76 million in acquisition financing.
The Aster. Image courtesy of KETTLER

Woodfield Investments and Goldman Sachs have sold The Aster, a recently completed, 493-unit luxury community near Raleigh, N.C., for $119 million to KETTLER, according to Yardi Matrix. The buyer financed the deal with a $76 million acquisition loan from Pacific Life Insurance.

The community delivered this spring, after approximately two and a half years of construction. The Woodfield joint venture financed development of the property with a $55.1 million loan from Wells Fargo.

Located at 3025 Alston Manor St. in northwestern Cary, N.C., The Aster’s 21 buildings are situated alongside the Triangle Expressway, 16 miles from downtown Raleigh and 8 miles from Research Triangle Park. The property is next to some shopping and restaurant options, and Kite Realty Group’s 350,000-square-foot Parkside Town Commons is less than 1 mile north.

The Aster has a varied unit mix, from 695-square-foot studios to 2,103-square-foot three-bedroom townhomes. Property amenities include a conference room, a golf simulator, a dog park, three swimming pools and a bike workshop. The asset was in the lease-up phase at the time of the sale. As of June, the community was 61.1 percent occupied, per data from Yardi Matrix.

As of August, 41 multifamily projects were underway across the wider Raleigh-Durham market area, totaling nearly 9,000 units. Earlier this year, Wood Partners finished work on a 298-unit luxury development 10 miles northwest of The Aster.