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

by John Nelson

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.

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