Towne Properties Acquires Raleigh Community for $21M
- Mar 09, 2017
Raleigh, N.C.—Towne Properties acquired Regency Place Apartments, located at 6210 St. Regis Circle in Raleigh for $20.75 million. The HFF team of Justin Good, Allan Lynch, Jeff Glenn and Jason Nettles represented the seller in the deal, an investment group led by Covenant Capital Group.
Originally built in 1986, the 180-unit community offers one- and two-bedroom floorplans ranging from 699 to 991 square feet, according to Yardi Matrix. The property, which is currently at a 90.6 percent occupancy, offers interior features such as washer/dryers, vaulted ceilings, fireplaces and private balcony/patios. Residents have access to amenities including a fitness center, business center, clubhouse, tennis court, swimming pool, laundry facility, outside storage and 400 parking spaces.
“HFF is excited to be a part of Towne’s first acquisition in the southeast, especially as operations at the property have continued to improve in recent months,” said Good, managing director at HFF. “As core-plus capital has flocked to Raleigh-Durham, the market responded favorably to Regency Place’s unique repositioning incorporating high-caliber finishes for the vintage asset.”
Covenant paid $14.5 million for Regency Place back in 2014 and renovated the property’s nine three-story buildings, upgrading amenity spaces, exterior features and unit interiors. The property was sold free and clear of existing debt.
Image courtesy of Yardi Matrix