Raleigh Community Trades for $24M

Hawthorne Residential Partners sold the 184-unit asset two years after it acquired it for $15.5 million from Heritage Capital Group.

The Lofts at Midtown

Willow Creek Partners has acquired the 184-unit Hawthorne Midtown in Raleigh, N.C., from Hawthorne Residential Partners for $24 million, according to Yardi Matrix data. The sale nets a healthy return for Hawthorne, which picked up the asset in August 2016 for $15.5 million from Heritage Capital Group. 

The buyer financed the purchase with a 10-year, $16.7 million Freddie Mac loan originated by Berkeley Point Capital. In August, the lender also provided nearly $8 million for the acquisition of a 152-unit community in Jacksonville, Fla.

Located at 214 Loft Lane in Raleigh’s Lynn submarket, the townhome community is 2 miles north of the Cliff Benson Beltline and 7 miles from downtown. A grocery-anchored shopping center is a short walk away, and two bus routes link the property with the rest of the metro area.

The community, newly rebranded as The Lofts at Midtown, contains a mix of one-, two- and three-bedroom townhouse units, with floorplans ranging from 800 to 1,335 square feet. Amenities include a swimming pool, a tennis court, a fitness center and a laundry facility. Willow Creek plans to upgrade the gym and to add a resident lounge, dog park and coffee bar, according to the property’s website.

Image courtesy of Yardi Matrix

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