RALEIGH, NC - Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $37.3-million acquisition of Woodfield Glen apartments located in Raleigh, NC.
The property was purchased by Inco Monterra, LLC of Beverly Hills, CA.
Avison Young’s Los Angeles and Raleigh multi-family experts collaborated closely to deliver an outstanding value-add asset to their client, Inco Monterra. Peter Sherman, a Principal of Avison Young and the firm’s Southern California multi-family institutional investment sales practice leader, coordinated a bi-coastal brokerage services team, which included Raleigh-based Vice-Presidents Craig Cadwallader and Grant Linderman, and Sam Chow, a Vice-President based in the Avison Young’s Los Angeles West office. Woodfield Glen closed at a price per unit of $160,000.
“Our client owns and operates properties in California,” comments Sherman, “We assisted in developing Inco Monterra’s strategy to diversify geographically out-of-state in select growing markets and take advantage of higher comparative yields. Working closely together, we narrowed the search to three target submarkets and immediately began actively pursuing opportunities. Our ability to execute quickly and successfully, be it across geographies or product types, stems from our client-first culture and in-depth capital markets expertise. As a private, Principal-led company, we eschew internal silo behavior and embrace maximum collaboration to the benefit of our clients. And, the execution of this deal is a perfect example of that approach.”
Woodfield Glen is a 233-unit apartment community located at 3801 Glen Verde Trail at the corner of Glenwood Avenue and Lynn Road. The property is seven miles from downtown Raleigh and four miles from Raleigh-Durham International Airport and Brier Creek.
Built in 2008, the property is situated on 15.6 acres along one of Raleigh’s most dense commercial and residential corridors. The complex includes 106 one-bedroom units, 111 two-bedroom units and 16 three-bedroom units. Amenities at the complex include a salt water pool, fitness center, clubhouse, garages, storage rentals and community game room.
“We see this opportunity as our foothold in the Raleigh-Durham market with a well-maintained asset where we can use our expertise to add value,” states Kourtney Law, Portfolio Manager with Inco Monterra. “Peter Sherman and Avison Young have proven to be invaluable partners as we continue expanding our company and portfolio of properties selectively across the country.”
At the time of the transaction, Raleigh-Durham year-to-date sales in the multi-family sector totaled more than $1.2 billion. “While there has been a 26% decline in local multifamily sales volume in the first three quarters of 2017 versus the same period in 2016, a recent report by the National Multifamily Housing Council and the National Apartment Association states that North Carolina will need an additional 220,000 apartment units by 2030,” adds John Linderman, Avison Young Principal and Managing Director of the North Carolina region. “Our region’s exceptional population and job growth continue to fuel demand for housing, a trend that will, no doubt, drive robust demand from multifamily investors.”
The seller, Grayco Inc., headquartered in Richmond, VA, was represented by ARA Newmark.
Avison Young is the world’s fastest growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, the company comprises 2,600 real estate professionals in 80 offices, providing value-added, client-centric investment sales, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.