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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.