Raleigh-Area BTR Project Bought Before Completion

An under-construction 172-unit Raleigh-area build-to-rent community has been bought by joint venture partners Barings and Foulger Pratt. The partners purchased the uncompleted community for more than $50 million from an undisclosed seller. The project is in Wendell, a Raleigh suburb.

The first units are expected to be available for lease in the first half of 2024. It’s expected to be completed by July 2026.

The project will be sectioned into 89 townhomes and 83 single-family detached units. The community will offer its residents a pool, covered park, dog park, playground, multi-use field, two pocket parks, walking trails, bike lanes and mail kiosks. The community will be built on a 39-acre site, located roughly 20 miles east of the city center.

For Barings, this acquisition in the Raleigh metro represents its first investment into the BTR market. Foulger Pratt’s portfolio consists of 700 homes.

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