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North Carolina

AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Capital Square Purchases 113-Unit Build-to-Rent Residential Community in Castle Hayne, North Carolina

by John Nelson

CASTLE HAYNE, N.C. — Capital Square has purchased Sidbury Station, a newly constructed build-to-rent (BTR) residential community located at 6105 Dichondra Road in Castle Hayne, part of the Wilmington metropolitan statistical area. The sales price was not disclosed. Delivered last year by homebuilding giant D.R. Horton, the community features 113 detached single-family rental (SFR) homes, as well as a resort-style swimming pool, fitness center, clubhouse, sport court and a playground. Sidbury Station’s homes average 1,829 square feet in size with floor plans ranging from three to five bedrooms. Features include granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, smart home integration, backyards and attached two-car garages. Sidbury Station represents Capital Square’s fifth BTR offering for its Section 1031/Delaware statutory trust (DST) program and the eighth BTR project for its private equity group. The community was acquired on behalf of CS1031 Sidbury Station BFR Housing DST, which seeks to raise equity from accredited investors.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

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IndustrialLeasing ActivityNorth CarolinaSoutheast

CBRE Arranges Five Industrial Leases at 42 West Business Park in Metro Raleigh

by John Nelson

CLAYTON, N.C. — CBRE has arranged five new leases at 42 West Business Park, a newly developed flex/light industrial property in Clayton, 17 miles outside downtown Raleigh. Delivered at the end of 2023, the development comprises two warehouses totaling 125,000 square feet. Habitat for Humanity of Wake County will occupy the entirety of Building 1, which totals 25,000 square feet. Together, the tenants will occupy 65,787 square feet, bringing the property to over 50 percent occupancy. Austin Nagy and John Hogan of CBRE represented the landlord, Charlotte-based Pace Commercial, in the lease negotiations.

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DevelopmentLoansNorth CarolinaSeniors HousingSoutheast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

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AcquisitionsNorth CarolinaSoutheastStudent Housing

CBRE Negotiates Sale of 894-Bed Student Housing Community Near Appalachian State University

by John Nelson

BOONE, N.C. — CBRE has negotiated the sale of The Cottages of Boone, an 894-bed student housing community located near the Appalachian State University campus in Boone. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s national student housing team, in partnership with Kevin Kempf of the company’s Southeast multifamily group, represented the seller, Mapletree Global Student Accommodation Private Trust, in the transaction. Timberline Real Estate Ventures and a real estate fund managed by Ares Management acquired the property for an undisclosed price. The cottage-style community offers shared amenities including a fitness center, yoga studio, dry sauna, steam room, clubhouse, arcade games and sports tables, a bar, library, computer lounge, private conference room, swimming pool, hot tub, fire pit, grilling station and an outdoor fireplace.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield, Greystone Arrange Sale of 247-Unit W Flats Apartments in East Charlotte

by John Nelson

CHARLOTTE, N.C. — A joint venture between Cushman & Wakefield and Greystone has arranged the sale of W Flats, a 247-unit apartment community located at 7200 Wallace Road in east Charlotte. Rise48 Equity LLC purchased the property from LIV Acquisitions for an undisclosed price. Paul Marley, John Phoenix, Alex McDermott and Gavin Conlon of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg and Daniel Kaweblum of Greystone originated a three-year, acquisition loan featuring two one-year extension options on behalf of the buyer. According to Apartments.com, W Flats features studio, one- and two-bedroom apartments ranging in size from 523 to 1,079 square feet. Amenities include a pool with a sundeck, fitness center, business center, laundry facilities, tenant lounge, onsite maintenance and package services.

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AcquisitionsNorth CarolinaSeniors HousingSoutheast

Blueprint Brokers Sale of 143-Unit Seniors Housing Community in Raleigh

by John Nelson

RALEIGH, N.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 143-unit independent living community in Raleigh. Opened in 2019, the seniors housing property features a variety of unit types. The seller was an unnamed national developer/investor. Focus Healthcare Partners and Solera Senior Living acquired the asset for an undisclosed price. Alex Florea and Kyle Hallion of Blueprint arranged the transaction. 

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DevelopmentMixed-UseMultifamilyNorth CarolinaSoutheast

Vista Residential Breaks Ground on 277-Unit Mixed-Use Apartment Community in Holly Springs, North Carolina

by John Nelson

HOLLY SPRINGS, N.C. — Vista Residential Partners has broken ground on Main Street Vista, a 277-unit mixed-use apartment community in Holly Springs, a southwest suburb of Raleigh. The 11.7-acre development site is located at the corner of North Main Street and Holly Springs Road. Main Street Vista will feature a mix of one-, two- and three-bedroom apartments averaging almost 1,050 square feet, as well as 19,000 square feet of retail space and 11,000 square feet of live-work space. Select apartments will have a ground-floor office space available for lease to prospective tenants who desire to work from home. Designed by Niles Bolton, Main Street Vista will feature a clubhouse, resort-style swimming pool, fitness center, central green area, pet park and 24/7 package concierge services. Dome Equities and two Ohio-based life insurance companies provided financing for the project. The construction timeline was not disclosed.

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AcquisitionsNorth CarolinaRetailSoutheast

Octave Holdings Acquires 269,253 SF Belgate Shopping Center in Charlotte’s University District

by John Nelson

CHARLOTTE, N.C. — Octave Holdings and Investments LLC has purchased Belgate Shopping Center, a 269,253-square-foot power retail center in Charlotte’s University district. The Alpharetta, Ga.-based buyer’s investment fund, Octave Realty Fund IX LLC, acquired the center for an undisclosed price. The seller was also not disclosed. Located at the intersection of North Tryon Street and University City Boulevard, Belgate Shopping Center is situated within one mile of University of North Carolina – Charlotte, as well as near North Carolina’s only IKEA store. The property was fully leased at the time of sale to tenants including Hobby Lobby, T.J. Maxx, Burlington, Marshalls, PetSmart, Old Navy, Shoe Carnival and Ulta Beauty. Shadow anchors of the center include Topgolf and Walmart Supercenter. Octave’s in-house property management company, Pinnacle Leasing and Management, will operate Belgate Shopping Center.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

IPA Capital Markets Arranges $30.5M Construction Financing for Apartment Development in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $30.5 million in construction financing for Brooks North Apartments, a 340-unit multifamily development located at 4005 N. Church St. in Greensboro. Frank Montalto of IPA Capital Markets’ Chicago office arranged the financing with a regional lender on behalf of the borrower, a local development company. The ground-up development will feature three- and four-story garden-style buildings with an amenity package that includes a fitness center, pool, cabana clubhouse and a bark park. Brooks North will be delivered in phases, with Phase I (244 units) set to open next summer.

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