European CRE Acquires 247-Unit Class A Multifamily in Durham
MEAG, in cooperation with CBRE Investment Management, has acquired the Liberty Warehouse residential community in downtown Durham, NC, on behalf of Munich Re Group.
The investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the US residential market. CBRE Investment Management, an independently operated affiliate of CBRE Group, Inc., is a real assets investment management firm with $143.9 billion in assets under management operating in more than 20 countries around the world.
“We believe in the long-term outperformance of prime, well-located, urban assets in walkable neighborhoods to foster a work/life environment that will continue to attract talent and growth,” said Volker Zinkl, MEAG’s head of real estate asset management international.
The 247-unit Class A mid-rise is located at 530 Foster Street within Raleigh/Durham’s technology/life science corridor and near three top universities. The property includes 20,700 square feet of fully leased ground floor retail.