Sunday, January 15, 2017

HFF closes sale of 452-unit multi-housing community in Raleigh, NC

Apartments of Stonehenge, North Raleigh, NC                                 (Photo by Clear Sky)
CHARLOTTE, NC –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Apartments of Stonehenge, a 452-unit, garden-style multi-housing community in the North Raleigh submarket of Raleigh, North Carolina.

HFF marketed the property on behalf of the seller, an affiliate of Ram Realty Advisors (Ram).  Magnolia Capital purchased the asset.

Jennifer Stull
Located at 7303 Hihenge Court, the 46.6-acre apartment community is situated in northern Raleigh’s master planned Stonehenge neighborhood less than 10 miles from downtown. 

The Apartments of Stonehenge is minutes away from Interstates 540 and 440, providing access to Research Triangle Park, downtown Raleigh, and major employers and lifestyle centers in North Hills and Crabtree Valley.  

Residents can also walk to the adjacent Stonehenge Market, a grocery-anchored shopping center that includes Harris Teeter, Starbucks and Rite Aid.

The Apartments of Stonehenge features a variety of one-, two- and three-bedroom units, as well as a best-in-market range of amenities, including a two-story clubhouse with fitness center, indoor basketball/racquetball court, three swimming pools, grilling areas, lighted tennis courts, playground, fire pit, business center, and resident lounge with demo kitchen.

A local developer originally built the Apartments of Stonehenge in four phases between 1984 and 1993.  Ram acquired the community in July 2012 on behalf of Ram Realty Partners III, one of the company’s discretionary private equity funds.

 Following the acquisition, Ram implemented more than $2.5 million in improvements, incorporating significant interior and exterior renovations as well as updated branding and marketing.  Ram fully renovated 96 units with superior finishes creating a premium offering branded The Reserve at Stonehenge.

Jeffrey Glenn
Upgrades included wood-style plank flooring, stainless steel appliances, contemporary cabinets, track lighting, new paint and plumbing.

  Light interior upgrades were implemented property-wide during unit turnover.  

Exterior renovations included new signage, improvements to the pools and amenity areas, fresh paint, roofing and other deferred maintenance.  The property was approximately 94 percent occupied at closing.

“At Stonehenge, we had an opportunity to transform an established development in a great location.  The renovation created a more vibrant community for our residents and generated a meaningful return for our investors,” said Jennifer Stull, Principal and Managing Director of Asset Management for Ram.

  “Success at Stonehenge is proof that the future of real estate in Raleigh and the Triangle is bright, and we look forward to investing in that future.”

The HFF investment sales team representing the seller was led by managing directors Jeff Glenn and Justin Good and director Allan Lynch.

Justin Good
"HFF is honored to have worked with Ram on their disposition and to be a part of Magnolia Capital's national debut in the Raleigh market," said Glenn.  "We are bullish on North Raleigh's incredible fundamentals and excited to see the property continue to thrive."

Magnolia Capital has plans for additional property improvements during its ownership.  “The Apartments of Stonehenge represented an opportunity to invest in an attractive asset in a premier location,” said Max Peek, CEO and Managing Principal of Magnolia Capital.

 “We have a high level of conviction in the Raleigh market going forward, and are excited to implement our business plan to further improve and modernize this community for the benefit of our residents.” 

 For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

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