Magma Equities Purchases Richmond Hills Apartment Community in Raleigh for $6.2M
RALEIGH, N.C. — Magma Equities has purchased 51 apartments within Richmond Hills, a multifamily community located at 2251 Charles Drive in Raleigh. Sarah Godwin of JLL represented the seller, EYC Cos. LLC, in the $6.2 million sale.
Magma Equities plans to update the community’s countertops, kitchen cabinets, pool and property exterior in the next year. Sitting on approximately 5.2 acres, the acquired site is also entitled for up to 330 new apartment units.
The infill property is situated across the street from Crabtree Valley Mall and a half-mile from Interstate 440 and Raleigh Beltline, as well as 3.5 miles from Interstate 40.
EYC is a privately held real estate firm based in the Carolinas. Manhattan Beach, Calif.-based Magma Equities is a real estate company focused on repositioning Class B apartment communities throughout the country.