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Atlanta & Southeast  + Southeast  + Apartments  |  May 24, 2021
David Cohen
By: David Cohen

JLL Brokers $6M Sale of Raleigh Apartment Community

JLL has arranged the $6.2 million sale of 51 existing multi-housing units in the Richmond Hills multi-housing community located at 2251 Charles Dr. in Raleigh.

The community will undergo a renovation with updated countertops and kitchen cabinets, pool revitalization, and exterior renovations in the next year. Sitting on 5.19 acres, the existing 51-unit apartment property is also entitled for up to 330 units of multi-housing for a potential future redevelopment. The infill property is also just a half a mile from I-440/Raleigh Beltline and 3.5 miles from I-40, allowing direct access to key employment and entertainment hubs like North Hills and Downtown Raleigh.

Sarah Godwin of JLL represented the seller, EYC Companies, in the transaction. The buyer was Magma Equities.

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JLL’s Godwin Magma Equities

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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