Meag, the asset manager of Munich Re Group, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse, a residential property in downtown Durham, N.C.
The 247-unit Class A mid-rise residential property is located at 530 Foster Street. Embedded in Raleigh/Durham’s Technology/Life Science corridor near three top universities – Duke, the University of North Carolina at Chapel Hill and North Carolina State University – the property includes 20,700 square feet of fully leased ground floor retail and is in walking distance to major employers and Durham’s entertainment district.
This investment is part of a separate account mandate that Meag recently signed with CBRE Investment Management to invest in the U.S. residential market.
“Located in the heart of downtown Durham, Liberty Warehouse is a strategic addition to Munich Re’s growing U.S. residential portfolio,” said Volker Zinkl, MEAG’s Head of Real Estate Asset Management International. “We believe in the long-term outperformance of prime, well-located, urban assets in walkable neighborhoods to foster a work / life environment that will continue to attract talent and growth.”
The state-of-the-art, amenity-rich building offers such high-end finishes as stainless steel appliances, smart thermostats, in-unit washers and dryers, as well as natural quartz or granite countertops and 10- to 14-foot ceilings in select units. Community amenities include a 24-hour fitness center, saltwater swimming pool, tenant lounge and club room, pet run and pet spa, EV charging stations and 376 parking spaces.
“Raleigh Durham has transformed into an attractive new economy hub,” said Jeff Torto, Portfolio Manager, CBRE Investment Management, “With the market’s established educational infrastructure, growing life science ecosystem and influx of STEM talent, we expect it to be an outperforming market.”
The property is LEED certified for Building Design and Construction and will continue to be managed by Greystar Property Management.