Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Aldon Spends $129M to Acquire Raleigh Area Residential Asset
Bethesda, MD-based Aldon Management Corp., has purchased Elevate Powell & Broad, a 384-unit new-construction apartment in the Raleigh suburb of Fuquay-Varina, NC, for $129.3 million. The asset was approximately 97% occupied at the time of closing.
Alex McDermott, Austin Green, Caleb Troop, Thomas Colaiezzi, Jourdan Sullivan and Travis Cundiff of Capstone Apartment Partners represented the seller, Greensboro, NC-based Signature Property Group. Capstone also brokered Aldon Management Company’s $91.3 million purchase of Sanctuary at Powell Place apartments in nearby Pittsboro, NC this past May.
The 2021-constructed Elevate Powell & Broad is comprised of one- and two-bedroom apartment homes with a swimming pool, fitness center, business center, game room, pickle ball court, playground, pet spa, car care center, picnic/grilling area, and two dog parks. Garages and storage units are also available.
- ◦Sale/Acquisition
