Continental Realty Purchases Apartment Community in Raleigh for $61M
RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.