Aldon Purchases Elevate Powell & Broad Apartments in Metro Raleigh for $129M

Completed in 2021, Elevate Powell & Broad in Fuquay-Varina, N.C., has been rebranded as Aldon at Powell & Broad.

FUQUAY-VARINA, N.C. — Aldon, a multifamily developer and investor based in Bethesda, Md., has purchased Elevate Powell & Broad, a luxury apartment community located at 141 Stobhill Lane in the Raleigh suburb of Fuquay-Varina. The undisclosed seller traded the 384-unit community to Aldon for $129 million. Completed in 2021, Elevate Powell & Broad has been rebranded as Aldon at Powell & Broad. The property features one- and two-bedroom floorplans with stainless steel appliances, movable kitchen islands, granite countertops, private terraces and balconies, nine-foot ceilings and sunrooms in select units. Community amenities include a resort-style pool, fitness center, two dog parks, dog spa, coffee bar, game room, car care center, cornhole, playground and an outdoor pavilion with a fire pit. Aldon’s purchase of Aldon at Powell & Broad caps a trio of multifamily investments the company has made in the Research Triangle in the past 12 months totaling $315 million.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

Subscribe to the newsletter

Webinars on Demand

Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties