Raleigh-Durham Multifamily Wrap-Up – October 2020
Apex community trades for $60 million. Concordia Properties buys asset for $33 million. Catch up with our October selection of Raleigh-Durham must-reads.
Raleigh. Photo by Elijah Mears via Unsplash
Even with a rise in job losses and evictions across North Carolina, Raleigh-Durham’s multifamily sector appeared to hold ground in October. Although the metro’s development activity remained muted, close to 8,200 units were under construction at the end of the month, according to Yardi Matrix. Several large transactions closed, with activity largely driven by out-of-state investors. Check out our October list of Raleigh-Durham’s must-knows:
1. DEAL – FriedLam Partners buys Raleigh asset in $85.2 million portfolio deal.
Enclave @ Crabtree is a 176-unit community located at 4009 Deep Hollow Drive, within 8 miles of downtown Raleigh. The property has one-, two- and three-bedroom units. The larger, 872-unit portfolio included two assets in Charlotte, N.C., and three in Atlanta. FriedLam acquired the North Carolina properties from JEM Holdings and the Atlanta portfolio from Zavala Capital Group.
2. DEAL – The Halle Cos. trades Apex community for $60 million.
LivCor acquired The Villages at Westford, a 296-unit asset located at 2605 S. Lowell Road, according to Yardi Matrix. Built in 2019, the property comprises one-, two- and three-bedroom apartments with washer/dryer units and vaulted ceilings. Amenities include a fitness center, a clubhouse, a volleyball court, a playground and two swimming pools.
3. DEAL – Concordia Properties acquires 400-unit asset for $33 million.
JEM Holdings sold Marquis Gardens, which has a range of one- to three-bedroom floorplans. Yardi Matrix data shows that Arbor Realty Trust provided the buyer with a $22 million Fannie Mae acquisition loan. Community amenities include a tennis court, a playground, a swimming pool and laundry facilities. Located at 901 Chalk Level Road, the 52-building asset is within 3 miles of Interstate 85 and 4 miles from downtown Durham.
4. DEAL – Raleigh community trades for $55 million.
Eaton Vance purchased Leigh House, a 245-unit asset, from a joint venture between Carter Haston and KKR. CBRE represented the seller. According to Triangle Business Journal, the partnership acquired the property for $52 million in 2019. The community has one- and two-bedroom units, and amenities include a swimming pool, fitness center and coffee bar. Located on 6 acres at 2411 Still Forest Place, Leigh House is adjacent to UNC REX Hospital. Downtown Raleigh is 5 miles southeast.
