Railfield has closed on the purchase of Lory of Hillsborough, now newly renamed Pinewood Station Apartments, which is located in Hillsborough, North Carolina, within the Chapel Hill/Carrboro submarket in the Raleigh-Durham MSA.

The property was the first purchase for RailField's new RG Value Add Fund, a joint venture with GCM Grosvenor, investing on behalf of four major pension funds.

The property is a stabilized, 166-unit, Class B, garden style multifamily property built in 1974. It features 23 two-story apartment buildings sitting on a 21.8-acre site with a lake in the middle and has a clubhouse, dog park, swimming pool, playground, fitness center, detached garages, BBQ and grilling area, community garden, and lake views. The community is located at 600 S. Churton Street, Hillsborough, NC with access to shopping, major interstates, major employers, and all of the amenities of Hillsborough, Carborro and Chapel Hill.