The Trails of North Hills in Raleigh, NC features 279 units.
RALEIGH, NC—Real estate investment firm FCP has acquired the 279-unit Trails of North Hills apartment community here for $33.3 million.
The transaction marks Chevy Chase, MD-based FCP's sixth investment in the North Hills market of Raleigh in the last eight years. The Trails of North Hills is located adjacent to the Crabtree/Mine Creek Greenway trail and has easy access to retail and employment centers.
“Both the Crabtree and North Hills submarkets continue to see very healthy mixed-use development, leading to even more demand for nearby workforce housing,” says Alex Cathcart, vice president of FCP “The Trails of North Hills Apartments, which consist of 82% two- and three-bedroom units, mostly townhomes, will be improved to better meet the needs of residents seeking affordable quality housing near job centers, retail amenities and transportation corridors.”
FCP has retained Pinnacle Management to manage the property. FCP states the capital improvements planned at the property will include clubhouse and amenity renovations, building upgrades, and landscaping and curb appeal updates.
Paul Marley and Watson Bryant of the Cushman & Wakefield Multifamily Advisory Group represented FCP in the transaction.
“The Trails of North Hills will benefit from outstanding demographic trends and high occupancy rates in the rapidly-expanding Crabtree submarket of Raleigh, driving organic rent growth and strongly supporting a market proven value-add opportunity for new ownership,” says C&W's Bryant.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
