Source: FCP / #Apartments #Multifamily
CHEVY CHASE, MD - FCP announces the acquisition for $33.3 million of the Trails of North Hills, a 279-unit apartment community near the vibrant North Hills area. The Trails of North Hills Apartments are adjacent to the Crabtree/Mine Creek Greenway trail and enjoy immediate access to retail and employment centers.
"Both the Crabtree and North Hills submarkets continue to see very healthy mixed-use development, leading to even more demand for nearby workforce housing," said FCP Vice President, Alex Cathcart. "The Trails of North Hills Apartments, which consist of 82% two- and three-bedroom units, mostly townhomes, will be improved to better meet the needs of residents seeking affordable quality housing near job centers, retail amenities and transportation corridors." The acquisition of the Trails of North Hills marks FCP's sixth investment in the North Hills market over the last eight years.
FCP has retained Pinnacle Management, who operates nine other FCP properties in the Southeast United States, to manage the property. Additionally, FCP will invest in capital improvements including clubhouse and amenity renovations, building upgrades, and landscaping and curb appeal updates.
FCP extends its appreciation to Paul Marley and Watson Bryant of the Cushman & Wakefield Multifamily Advisory Group for their representation. "The Trails of North Hills will benefit from outstanding demographic trends and high occupancy rates in the rapidly-expanding Crabtree submarket of Raleigh, driving organic rent growth and strongly supporting a market proven value-add opportunity for new ownership," said Bryant.