Stoneweg Sells Raleigh Luxury Apartments
The sale takes place as Stoneweg expands its multifamily presence across the South and Midwest.
Alcove Garner. Image courtesy of Foundry Commercial
Stoneweg US has completed its sale of Alcove Garner, a six-building, 170-unit, garden-style luxury apartment community located at 26 Anvil Peak Drive in Garner, N.C. The property was sold to Yankee Capital Partners for an undisclosed amount. Foundry Commercial’s Multifamily Investment Group represented Stoneweg in the transaction. Foundry had previously worked with the seller when it purchased the property in 2020 for $23.9 million, CommercialEdge data shows.
Alcove Garner was constructed on 11.7 acres and comprises 189,861 square feet of one- and two-bedroom units, according to CommercialEdge data. Unit amenities include stainless steel appliances, granite countertops, laundry machines and walk-in closets. The community hosts a swimming pool, fitness center, business center and clubhouse.
Raleigh’s reset
Situated next to the intersections of the N.C. Highway 42 and Interstate 40, the property is within 15 miles of the Raleigh City center, at a time when the city’s multifamily sector performs strongly, with a transaction volume totaling more than $3.4 billion in the previous year. Such progress is owed in part to the city’s significant investment and construction activity, attracting tech companies and the life science industry, as well as an in-migration of residents seeking jobs there.
The Foundry team representing Stoneweg was led by Senior Vice Presidents Trey Riddle and John Manning and Senior Analyst Jennings Milholen.
The sale of Alcove Garner takes place as Stoneweg expands its multifamily presence across the South and Midwest, following its recent acquisition of $50 million for the construction of Lake Maggiore Apartments, a 330-unit affordable development in St. Petersburg, Fla. In total, the firm’s development and investment portfolio totals nearly $2 billion.
