Multifamily Communities in Raleigh Attract Out-of-State Investor
- Jul 01, 2015
By Adriana Pop, Associate Editor
A Los Angeles company has closed on its second multifamily acquisition in the Triangle region in the last year.
Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, bought the Hamilton Ridge Apartments in Raleigh from an affiliate of Abacus Capital Group. According to the Triangle Business Journal, the property sold for $18.2 million.
Located at 4901 Tall Timber Drive in the Crabtree Valley area, the 178-unit community comprises 13 low-rise residential buildings, and is currently 98 percent occupied. It was built in 1986 and features a mix of one- and two-bedroom apartments with washer/dryer, fireplace, patio or balcony, vaulted ceilings and large windows. Amenities include a stand-alone clubhouse with a business center, coffee bar, fitness center, community room, resort-style pool, outdoor grilling, picnic areas, a car care center and free Wi-Fi.
Greystar will manage Hamilton Ridge Apartments, which is ideal for young professionals, since it offers easy access to the area’s key employment centers of downtown Raleigh and Research Triangle Park.
John Gaghan led the investment team for LEI, while Hunt Mortgage arranged financing for the acquisition.
LEI now plans to upgrade the common areas, including the clubhouse and pool deck, modernize the kitchens and bathrooms, and improve the overall appearance of the units.
“Hamilton Ridge is exceptionally well located in a growing submarket of Raleigh. While well maintained, the current unit finishes offer an opportunity for LEI to make improvements that will enhance the value of the property and position it as an even more attractive residential option in this market,” said Bleecker P. Seaman, co-CEO of LEI.
Last fall, LEI also partnered with locally based Blue Ridge Realty to develop The Gramercy, a six-story, 203-unit apartment and retail building currently under construction at Glenwood Avenue and North Street in downtown Raleigh.
Photo credits: Abacus Capital Group