Taft Sells Apartment and Retail Building in Raleigh to TriBridge JV for $65M
- Jan 29, 2015
by Adriana Pop, Associate Editor
Taft Family Offices, a 30-year-old real estate development firm in Greenville, recently sold the 401 Oberlin apartment and retail building across from Cameron Village in Raleigh.
According to the Triangle Business Journal, a joint venture partnership led by TriBridge Residential of Atlanta paid $65 million or $267,000 per unit to acquire the 244-unit property at the northwest corner of Oberlin Road and Clark Avenue. The five-story complex, which opened in 2014, also features about 9,000 square feet of ground-floor retail space anchored by the new Tupelo Honey Cafe restaurant. The property was about 62 percent leased at the time of the sale.
Another remarkable transaction of a multi-family property in the same area occurred in December, when the Crescent Cameron Village apartment community across the street sold for $76.8 million, or a record-breaking $272,000 per unit.
“Raleigh has become very much a ‘core’ market for investors now,” Tom Taft Sr., the company’s owner, told the newspaper. “Five years ago, you couldn’t say that. It’s pretty exciting for the Triangle.”
The CBRE investment market team from Atlanta, along with Jeff Glenn from CBRE’s Raleigh office, represented Taft and his partners in the transaction.
The pace of the market determined other apartment developers to invest in the area. Wood Partners for instance is planning a 215-unit luxury apartment community on a site of nearly 3 acres at 616 Oberlin Road.
Taft Family Offices is now planning to invest a portion of the proceeds from the sale into a new multi-family complex in Charleston, S.C.
Photo credits: Grubb Ventures