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300-Unit Residential Community in Raleigh Sells for $48M to FCP
Chevy Chase, MD-based FCP has acquired Grand Arbor Reserve, a 297-unit apartment community in Raleigh, NC for $48 million.
Howard Jenkins of CBRE represented the seller.
The property sits at 2419 Wycliff Road just blocks from I-440, Raleigh’s main thoroughfare, for connectivity to downtown Raleigh, Research Triangle Park and over 100,000 jobs in the Raleigh-Durham MSA. The property is also adjacent to the UNC Rex Hospital.
Grand Arbor Reserve’s 297 units are made up of predominantly two- and three-bedroom apartments with onsite amenities including a pool, fitness center, playground, dog park and volleyball court.
FCP has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets and makes equity and mezzanine investments in income-producing and development properties. FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the US.
- ◦Sale/Acquisition
