Allister North Hills, Raleigh, NC

Allister North Hills

Transaction: Development JV with local developer of 15 acre garden and mid-rise apartment complex

Asset Summary: 434 garden and mid-rise apartment homes in Raleigh, NC

Date Closed: May 2012

Investment Strategy:

  • Adjacent to North Hills, Raleigh’s premier live-work submarket
  • Built at cost basis 35% below recent apartment sales price in North Hills
  • Partnered with owner/developer of North Hills
  • Only surface parked development site within Raleigh’s older established neighborhoods

Exit Strategy: Sale upon completion and stabilization