A fund sponsored by CBRE Global Investors has purchased a 318-unit multifamily community located in a suburb of Raleigh, N.C.
The multifamily asset, known as Residences at Shiloh Crossing, is located at 3000 Dominion Ridge Circle in Morrisville, N.C., and is centrally located within the Chapel Hill, Durham and Raleigh “Triangle.” All three metros are within a 25-minute drive of the property.
Residences at Shiloh Crossing is a garden-style community that was completed in 2020 and spans six buildings with a mix of studio, one-, two- and three-bedroom apartments.
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“We believe that the Residences at Shiloh Crossing’s low-density 36-acre site, its garden-style design, and the property’s generous green space are long-term differentiating factors that will help drive leasing. The property’s initial lease-up has demonstrated strong demand from the area’s highly skilled employment base, and we believe that the asset quality and the targeted rental price point will keep the asset competitive relative to other new construction,” said Steve Gullo, Head of Residential – Americas Real Estate Division with CBRE Global Investors.
Larissa Belova, Senior Director and Deputy Portfolio Manager for CBRE Global Investors added, “With Durham, Raleigh and Chapel Hill all within an easy commute of the asset, we plan to install a new property management team that will leverage the location and its proximity to the area’s key employment and education hubs. We believe that the location, coupled with the unit mix and robust amenity suite, will help attract a variety of renters to Residences at Shiloh Crossing, including university students, working professionals and young families.”
