 |
| 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 | hfflp.com
No comments:
Post a Comment