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Exiting Raleigh, EQR Puts Last Local Assets on Block

RALEIGH, NC-The three class A garden-style assets, located in the city's Triangle area, could trade for as much as $130 million.

By Sule Aygoren Carranza | Updated on February 21, 2008

Sule Aygoren Carranza is managing editor of Real Estate Forum.

RALEIGH, NC-In an effort to completely evacuate this market, Equity Residential has put the last three of its properties here on the market. The move follows the Chicago-based firm’s exit from the Charlotte market last year, relates Jeff Morris, a managing director in Jones Lang LaSalle’s capital markets group, who along with fellow managing director Jubeen Vaghefi is leading the team marketing the communities.

The three class A garden-style assets could trade for as much as $130 million, says Morris. Located in the city’s Triangle area–which includes the cities of Raleigh, Durham, Cary and Dunn and is near Duke University, the University of North Carolina at Chapel Hill and several high-tech companies–the properties total 1,040 units and are more than 96% occupied.

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