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| The 246-Unit Wakefield Glen Apartments, Raleigh, NC |
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| Gary Goodman |
RALEIGH, NC – Passco Companies, LLC, has acquired Wakefield
Glen Apartments, a 246-unit luxury Class A multifamily community located in
Raleigh, North Carolina, for $31 million, according to Gary Goodman,
Senior Vice President, Acquisitions of Passco Companies, LLC. The company
closed on the Wakefield Glen acquisition in only 45 days.
“Wakefield Glen demonstrates deep potential for growth and
stability, making it well-aligned with Passco’s ongoing strategy to acquire
high quality, core multifamily assets in secondary markets,” said Goodman.
The property’s potential stems from strong economic
fundamentals in the Raleigh-Durham market, as well as its Class A condition and
specific location within a highly desirable master planned community, according
to Goodman.
Wakefield Glen Apartments is located in the 2,220 acre
Wakefield Plantation master planned community, which consists of hundreds of
single family homes, apartment units and townhouses, as well as several
schools, a retail shopping center and a Tournament Players Club (TPC) golf
course.
“Wakefield Glen is
Passco’s second multifamily acquisition this year in the Raleigh-Durham area,
and we are actively seeking additional investment opportunities in this
market,” noted Goodman. “As one of the top markets in the country for future
job and economic growth, Raleigh continues to demonstrate strong potential for
rental growth and long term profit.”
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| Research Triangle Park, Raleigh, NC Area |
According to Goodman, the Raleigh-Durham market has rapidly
expanded in recent years, and projections indicate that Raleigh’s employment
growth numbers will exceed the national employment growth in each of the next
four years.
“The catalyst for this projected employment growth is Research
Triangle Park, a local economic and employment driver,” explained Goodman.
Research Triangle Park, which houses more than 170
companies and employs over 38,000 full-time employees, is located 20 minutes
from Wakefield Glen Apartments.
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| Duke University Medical Center |
Wakefield Glen is also located near three major
universities, The University of North Carolina, North Carolina State
University, and Duke University.
“The close proximity of universities and employment will
continue to fuel demand for quality rental housing,” explained Goodman. “As
this activity continues, we expect that the asset will continue to perform well
over time.”
Built in 2001, Wakefield Glen Apartments consists of one-,
two- and three-bedroom floor plans with nine-foot ceilings, crown molding, and
luxury finishes. The community features
a variety of amenities, including a resort-style pool, clubhouse, fitness
center, community business center, playground and car care center.
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| University of North Carolina |
According to Goodman, in addition to stabilizing occupancy
and correcting deferred maintenance, Passco plans to bring in professional
property management, using a national firm.
Passco will also offer residents a
number of upgrades including installing vinyl wood plank flooring in all first
floor units, as well as other interior upgrades such as new appliances and
countertops in many units, new cabinets, ceiling fans, kitchen and bathroom
fixtures, two inch faux wood blinds, and curved shower rods.
“Our market research
indicates that residents in this location are interested in high-end unit
finishes and will pay additional rent to obtain them,” adds Goodman.
For a complete copy of the company’s news release, please
contact:
Corynne Randel / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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