Raleigh-Durham Community Sells for $38M

The deal marks Centennial Holding Co.’s second major sale of the year. The firm acquired the asset from Dominion Realty Partners in 2014 for $32.3 million.
Tryon Place. Image courtesy of Yardi Matrix

Eaton Vance Investment Managers has purchased Tryon Place, a 205-unit luxury community near Raleigh, N.C., for $37.9 million from Centennial Holding Co., according to Yardi Matrix data. The seller acquired the property in May 2014 from Dominion Realty Partners for $32.3 million. The new owner selected Greystar to oversee property management.

The trade is the seller’s second this year in the Raleigh-Durham metro, coming on the heels of its $49.3 million divestment from the 270-unit 501 Estates in March. In November, Centennial also sold a 273-unit luxury asset in Tampa for $52.8 million.

Located at 4101 Skye Lane in Cary, N.C., Tryon Place is approximately 10 miles southwest of downtown Raleigh. The community is adjacent to a retail center and is within a mile of U.S. Highway 1. The suburb has an active multifamily market: A few miles northwest, Hudson Capital Properties paid $55 million for a 302-unit asset in December last year.

The community contains a mix of studio, one- and two-bedroom apartments, with a diverse range of floorplans from 558 to 1,314 square feet. Amenities include a saltwater swimming pool, a dog park and bicycle storage. In April, the asset was 94.1 percent occupied, per data from Yardi Matrix.