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North Carolina

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AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

KBS Sells High-Rise Multifamily Property in Raleigh for $132.5M

by Hayden Spiess

RALEIGH, N.C. — Commercial real estate owner and operator KBS has completed the disposition of Park Central Apartments, a luxury high-rise multifamily property located in Raleigh. San Diego-based Fairfield Residential acquired the asset for $132.5 million.  KBS developed Park Central Apartments in a joint venture with locally based Kane Realty Corp. Construction on the project began in 2015 and was completed in 2017.  Totaling 286 apartments, the building also features 36,000 square feet of retail space. Current tenants at the property include food-and-beverage concept Happy + Hale, fitness studios Midtown Yoga and Orangetheory, ice cream shop Kilwins and Jabala Coffee.  Amenities at the community include a sky deck with a saltwater pool, clubhouse, sauna, dog spa, fitness center, conference center and a dedicated parking garage.  Situated in the North Hills district, the property features access to I-440 and walkability to a grocery store, multiple fitness concepts and dozens of restaurants, entertainment venues and retailers. Park Central Apartments is also located in proximity to downtown Raleigh and North Carolina State University.  “Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy,” says Allen Aldridge senior vice president at KBS and asset …

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LoansMultifamilyNorth CarolinaSoutheast

Walker & Dunlop Provides $156.6M Agency Refinancing for Sun Belt Multifamily Portfolio

by John Nelson

BETHESDA, MD. — Walker & Dunlop has provided a $156.6 million Fannie Mae loan for the refinancing of a five-property, 1,351-unit multifamily portfolio in the Sun Belt. Allan Edelson and Joe Tarantino of Walker & Dunlop originated the loan on behalf of the borrower, Boston Capital Real Estate Partners. The names and addresses of the properties were not disclosed, but the portfolio includes assets in North Carolina and Texas.

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AcquisitionsNorth CarolinaRetailSoutheast

SRS Brokers $7M Sale of New Store in Castle Hayne, North Carolina Leased to Tractor Supply

by John Nelson

CASTLE HAYNE, N.C. — SRS Real Estate Partners has completed the $7 million sale of a newly built, 21,930-square-foot store in Castle Hayne leased to Tractor Supply. The store is situated on 11.5 acres at 3400 Castle Hayne Road, roughly 11 miles north of Wilmington, N.C. Tractor Supply had 14 years remaining on its corporate-guaranteed lease at the time of sale. Calvin Short of SRS represented the seller, a developer based in Pine Hurst, N.C., in the transaction. Pierce Mayson of Matthews Real Estate Investment Services represented the buyer, an unnamed investor based in Conyers, Ga., that was completing the second leg of a 1031 exchange.

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LoansMultifamilyNorth CarolinaSoutheastWalker & Dunlop

Walker & Dunlop Secures Refinancing for 240-Unit Apartment Community in Durham

by John Nelson

DURHAM, N.C. — Walker & Dunlop has secured the refinancing of Plat 4 at Research Triangle, a 240-unit apartment community located at 5510 Primary Drive in Durham. Sean Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Michael Ianno and Stanley Cayre of Walker & Dunlop’s New York City office arranged the floating-rate, interest-only loans through ACRE on behalf of the borrower, Buckingham Cos. The financing of Plat 4 at Research Triangle was executed in tandem with the refinancing of Buckingham’s Plat 10 at the Ranch in Loveland, Colo., with both transactions totaling $110 million. Built in 2023, Plat 4 offers a mix of studio, one-, two- and three-bedroom residences, as well as a pool, fitness center, lounge, car care center and a dog park.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Madison Communities Opens 253-Unit Apartment Property in Charlotte

by John Nelson

CHARLOTTE, N.C. — Madison Communities, a subsidiary of Madison Capital Group, has opened Madison Ashley Park, a 253-unit apartment community located at 2220 Berryhill Road in Charlotte’s Ashley Park submarket. Situated near I-277 and the city’s FreeMoreWest district, Madison Ashley Park features a mix of studio, one- and two-bedroom floor plans. Monthly rental rates range from $1,271 to $2,746, according to Apartments.com. Amenities include a secure parking deck, clubhouse with a demonstration kitchen, coworking space, fitness center with a yoga studio and a central pool with sun deck, cabanas and loungers. The design-build team includes Humphreys and Partners Architecture and Benco Construction.

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Income Property Trust Acquires Metro Raleigh Distribution Center for $190M

by John Nelson

APEX, N.C. — JLL Income Property Trust has acquired West Raleigh Distribution Center, a five-building, 985,000-square-foot industrial park located in the Raleigh suburb of Apex. The seller was not disclosed. Situated near I-540, West Raleigh Distribution Center was 87 percent leased at the time of sale to a mix of eight tenants, the largest of whom is a major distributor to the biotech and healthcare sectors. The buildings were constructed in 2024 and 2025.

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AcquisitionsNorth CarolinaSoutheastStudent HousingWalker & Dunlop

Walker & Dunlop Arranges Sale of 576-Bed Student Housing Community Near Appalachian State University

by John Nelson

BOONE, N.C. — Walker & Dunlop has arranged the sale of Mountaineer Village, a 576-bed student housing community located near the Appalachian State University campus in Boone. Chris Epp, Matthew Chase, Craig Miller, Holden Penn, Ben Sarna, Sarah Foronda and Naomi Bludworth of Walker & Dunlop represented the seller, a joint venture between Coastal Ridge Real Estate and Heitman, in the disposition. The buyer and terms of the transaction were not released. Mountaineer Village offers three-bedroom units with bed-to-bath parity. Shared amenities include a study lounge, fitness center, resort-style pool, business center, basketball court, barbecue area, game room, sand volleyball court, pickleball courts and a fire pit.

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Eastfield Village
DevelopmentMultifamilyNorth CarolinaSoutheast

NRP Begins Construction on 348-Unit Eastfield Village Apartment Community in Selma, North Carolina

by Abby Cox

SELMA, N.C. — The NRP Group has kicked off construction on Eastfield Village, a 348-unit, garden-style apartment community located in Selma, roughly 26 miles southwest of Raleigh. The development will anchor the 435-acre master-planned community of Eastfield, which comprises a 3 million-square-foot business park, medical and retail space, three hotels, a variety of senior and workforce housing and entertainment amenities. Eastfield Village will feature one-, two- and three-bedroom floorplans across 12 three-story buildings. Amenities at the complex will include a resort-style swimming pool with a sundeck, landscaped courtyard, pickleball court, shuffleboard area, fitness center, coworking/business lounge, multiple indoor and outdoor gathering spaces and a dedicated dog park and pet wash station. Additionally, walking trails and green spaces at the complex will connect residents to the broader Eastfield development. First move-ins are expected in late 2026, with full occupancy slated for the fourth quarter of 2027.

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DevelopmentIndustrialNorth CarolinaSoutheast

Beacon Partners Breaks Ground on 150,515 SF Spec Industrial Building in Southwest Charlotte

by Abby Cox

CHARLOTTE, N.C. — Beacon Partners has broken ground on a 150,515-square-foot speculative industrial building located at 13021 General Drive in southwest Charlotte. The project team includes general contractor Choate Construction and Merriman Schmitt Architects. Kleinfelder is providing engineering services, while Fifth Third Bank is providing financing. Additionally, Tim Robertson and Alex Habecker of Beacon Partners are handling leasing internally. The facility is slated to be delivered in shell condition in May 2026. Situated on 12 acres near Charlotte Douglas International Airport, the industrial facility will feature 32-foot clear heights, build-to-suit office space, fenced outside storage, concrete truck courts, ESFR sprinkler systems, side-load accessibility and 30 trailer parking spaces.

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555-Mangum
Leasing ActivityNorth CarolinaOfficeSoutheast

Tanium Renews, Expands Office Lease at 555 Mangum in Downtown Durham

by Abby Cox

DURHAM, N.C. — Global cybersecurity firm Tanium has renewed and expanded its office lease at 555 Mangum, a 234,000-square-foot office building in downtown Durham. Tanium initially leased 25,000 square feet at the complex in 2024 and has now taken an additional 23,000 square feet, bringing its total occupancy to 48,000 square feet. The company will move into its new space in early 2026. Matt Winters and Kimarie Ankenbrand of JLL represented Tanium in both the initial lease and the most recent expansion. Situated near the Durham Bulls Minor League Athletic Park, 555 Mangum is owned by Northwood Ravin and features a mix of amenities including a rooftop lounge, outdoor courtyard, fitness facility and bike storage, as well as The Lenny, a rooftop restaurant concept from the Ibarra brothers.

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