AXA IM Alts has expanded its US multifamily portfolio with the acquisition of a 287-unit multifamily residential asset in Raleigh, North Carolina, on behalf of clients.
This acquisition represents AXA IM Alts’ second current investment in the North Carolina residential market following the acquisition of a 237-unit asset in Charlotte in March 2022 and second joint venture with Hawthorne Residential Partners, who will act as property manager.
The asset, newly-renamed ‘Hawthorne Davis Park’, is a recently renovated, Class A residential property featuring a mix of one-, two- and three-bedroom apartments. All units have been substantially modernised over the past three years. On-site amenities include a 24-hour fitness centre, barbeque grilling area, dog park, children’s playground, and a newly renovated pool.
AXA IM Alts intends to undertake an additional capex program to further enhance the appeal of the property, including upgrades to the communal areas and the apartment interiors.
Raleigh, the capital of North Carolina consistently ranks among the fastest growing and most affluent cities in the Southeast U.S. Between 2010 and 2021, Raleigh experienced population growth of 27.3%, more than four times the national average .
Raleigh together with the Durham and Chapel Hill comprise what is known as the Research Triangle, renowned for its strong educational institutions and high concentration of life sciences and technology businesses. The focal point for the region is Research Triangle Park (the “RTP”). Located a two-minute drive from the property, the RTP is the largest research park in the U.S. at 7,000 acres and is home to more than 300 companies from across a wide variety of industries. The asset also benefits from strong broader connectivity, as it is within a 10-minute drive of Raleigh-Durham airport, and has direct access to major roadways.