Terms of the deal were not disclosed. Rick Shinberg, of Bethesda, MD-based First Capital Realty, brokered the deal. Built in 1983, it includes one-, two- and three-bedroom units and 24 townhomes. It features a clubhouse, two swimming pools, two tennis courts and a sport court and fitness center. The occupancy level at the time of the sale was in the mid-90s.
The property is located just east of Capital Boulevard (US Route 1.) "This property is directly south of Triangle Town Center is an area that is experiencing growth," Mission Residential managing principal David Wieland tells GlobeSt.com. "It was previously owned by an institutional investor so it's in great condition."
Wieland says the company plans to make some capital improvements to the property, with the goal of raising rents.
This is Mission Residential's second acquisition in the area. It also owns and operates Mission Millbrook in the Raleigh-Durham area. Wieland says Mission Residential has two other multifamily properties in the Raleigh-Durham area under contract and expects to close the deals within the next 30 days.
"We waited a long time before entering the Raleigh market," he says. "We wanted to find the deals that made the right financial sense."
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