RALEIGH, NC - Township Capital, alongside The Preiss Company, today announced the acquisition of Trilogy Cameron Village and The Greens at Tryon, a pair of multifamily properties in Raleigh, North Carolina. This dual-property deal marks Township's fifth and sixth acquisitions with The Preiss Company.
"Securing these two assets together was an inimitable opportunity," said Susan Folckemer, Chief Acquisitions & Development Officer at The Preiss Company. "We are thrilled to work collectively with Township Capital once again to secure core investment assets in a market key to each of our strategies."
Trilogy Cameron Village ("Trilogy"), built in 2020, is a Class-A+ asset. It offers modern studio, 1-, 2- and 3-bedroom apartments with amenities including chef-inspired kitchens and private balconies. Trilogy sits in one of Raleigh's most popular neighborhoods. Its location is a walker's paradise with a Walk Score of 92, and access to five-star shopping and luxe cafes across a six-block radius.
The Greens at Tryon is a three-story, garden-style multifamily property built in 2000. Located in the heart of Raleigh, The Greens at Tryon offers large floor plans with high ceilings as well as community amenities including a fitness room, basketball and volleyball courts, dog park and pool. As part of the value-add strategy in place, renovations are slated to occur which will upgrade the vintage Class-B asset up to Class-A.
The two assets each have over 200 units and occupancy rates above 90%. Both properties are located in close proximity to downtown Raleigh and North Carolina State University.
According to SmartAsset's 2021 study, Raleigh is ranked 13th on the list of where millennials are moving - with Cary, a town just west of Raleigh, being ranked No. 7 among hot spot destinations seeing an influx of millennials ages 25 to 39 moving to the area. The pandemic played a role in increased migration to secondary markets outside of bigger cities.
"Township's continued relationship with The Preiss Company allows us to deliver prime investment opportunities, like these two multifamily assets, to our investors," said Matthew Gorelik, CEO at Township Capital. "The success of working together is a result of our ability to align our strategies and translate that dynamic across different types of deals."
Using its unique passive co-GP model, Township Capital continues to deliver premium investment opportunities to its investors. Throughout 2021, Township grew its portfolio within the multifamily sector, acquiring several value-add properties alongside its partners. The firm continues to seek value-add opportunities which align with its strategy and achieve fair returns for its investors.