RALEIGH, NC-Madison at Treybrooke, a 200-unit multifamily community in Morrisville, has traded for $16.2 million. Private equity fund manager BPG Properties sold the asset to commercial real estate investor Harbor Group International. The project is 100% occupied.
“We’ve owned this property for 10 years,” says Greg Curci, the acquisition manager at BPG who was responsible for overseeing the disposition. “We had a 10-year loan on the property and it was coming due. It was a natural break point for us to put it on the market and unlock some of the value for our investors.”
BPG acquired Madison at Treybrooke in 2001 on behalf of BPG Investment Partnership Fund V, L.P., a $225 million private equity fund, as part of a portfolio acquisition of 12 multifamily communities in the Southeast. Curci tells GlobeSt.com the company debated about whether to refinance and hold because the property performs well.
“Many well-known buyers that own and operate numerous properties around the country made offers on Treybrooke,” Curci says. “That speaks to the strength of the Raleigh market. In the last 10 years the population has more than doubled and there is an expectation that growth will continue. Treybrooke should continue to benefit from its proximity to the Research Triangle market.”
Originally constructed in 1990, the multi-family community offers garden style apartments and two- and three-bedroom townhomes located three miles from I-40, I-540 and Research Triangle Park in Raleigh suburb. Curci says the property offers some of the largest floorplans in the submarket, with an average square footage of 1,140.
“There’s a lot of investor demand for what I would consider some of the more dynamic markets in the country such as Raleigh and Austin,” Curci says. “These markets aren’t up there with D.C. and Manhattan, but when you get into that next level, Raleigh is certainly being considered.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
