The transaction marks the company’s 10th acquisition in the state during 2022.
Preiss will begin interior and exterior renovations in 2023 at the community near North Carolina State University.
The developer broke ground on phase two of the $500 million mixed-use project in the city’s downtown.
Newmark arranged $77.3 million in acquisition financing through a life company lender.
KeyBank secured the Fannie Mae loan for the 181-unit community in Raleigh, N.C.