Baltimore-based real estate investment and management company Continental Realty Corporation has purchased its seventh multifamily community in North Carolina with the recent $36.5 million acquisition of 800 St. Mary's Apartments, located in the Glenwood South neighborhood of downtown Raleigh.

Developed in 2020 by Selwyn Property Group and Southeast Apartment Investors, the 65-unit community was 95% leased at the time of this off-market transaction.

This is the first asset purchased on behalf of Core Multifamily Fund, LP, private equity fund sponsored by CRC, in partnership with Brown Advisory, a global private and independent investment and strategic advisory firm also headquartered in Baltimore. The Core Multifamily Fund recently completed its initial Founders Investor Closing, raising approximately $145 million.  The fund was formed to identify and acquire Class A garden and mid-rise communities located in the southeastern United States, with a focus on stabilized or near-stabilized opportunities. Through its various funds, CRC has acquired approximately $1.2 billion worth of retail and multifamily assets in the last ten years. In total, CRC owns and self-manages roughly $3.2 billion in real estate nationally, with heavy concentration in the Southeast.