Vive Funds Expands North Carolina Footprint
The Sterling Group sold the 192-unit property in Mebane.
Dallas-based Vive Funds has expanded its investment portfolio with the acquisition of Stonebrook Mebane, a 192-unit multifamily community located within North Carolina’s Research Triangle.
According to Yardi Matrix information, The Sterling Group sold the Mebane, N.C., property for $23.4 million. The asset had previously changed hands in 2019 for $21.9 million.
“We are excited about the potential for the Research Triangle. We look forward to revitalizing the area and adding our touches on an asset that residents will be proud to call home. The Research Triangle is one of the country’s best kept secrets,” Vive Funds Founding Partner Veena Jetti told Multi-Housing News.
The Triangle Research Partnership reports that approximately 1 million individuals have relocated to North Carolina since 2010. In 2021, the state’s population saw a boost of 93,985 residents, placing it fourth nationally for population growth, according to U.S. Census estimates.
LISTEN TO: How Veena Jetti Found Her Path in Multifamily
Completed in phases between 1997 and 2001, Stonebrook Mebane incorporates apartments with one, two or three bedrooms, each having full-sized washers and dryers, Energy Star appliances and private patios or balconies. Units range in size from 780 to 1,375 square feet. Common-area amenities include a pool, a playground, a resident lounge, a fitness center, a clubhouse, as well as outdoor recreation areas with outdoor dining and grilling stations.
Located at 1301 Dogwood Drive, the community is in a thriving area with 7,000 acres of housing and more than 275 businesses, including major employers such as IBM, Red Hat, Lenovo and Epic Games.
Transaction activity gains momentum in Raleigh-Durham
The job market in the Raleigh-Durham area grew by 4.4 percent in the 12 months ending in July, bringing an additional 39,300 jobs to the region, according to recent Yardi Matrix report. The same source reveals that as of November 2022, the transaction activity in the Raleigh-Durham metropolitan area kept its pace with $3.3 billion worth of multifamily assets being traded. For the first time ever, per-unit prices exceeded $250,000, following a 22.2 percent yearly increase.
In January, Covenant Capital Group purchased Edwards Mill Townhomes and Apartments, a 220-unit multifamily community in northwest Raleigh, N.C. RK Properties sold the asset five years after acquiring it for $34.5 million.
Brazos Residential LLC was also active in the metro, recently adding the 280-unit The Chelsea Apartments to its portfolio. The transaction marks the company’s 10th acquisition in the state during 2022.