Monday, May 17, 2021

Magma Equities purchases Richmond Hills, a 1970s vintage apartment community for value-add in Raleigh, NC


Sarah Godwin

CHARLOTTE, NC – JLL Capital Markets announced it closed a $6.2 million sale of 51 existing multi-housing units in the Richmond Hills multi-housing community located at 2251 Charles Dr. in Raleigh, North Carolina.

 JLL represented the seller, EYC Companies, LLC, to complete the sale to the buyer, Magma Equities.

 The community will undergo a renovation with updated countertops and kitchen cabinets, pool revitalization, and exterior renovations in the next year.

Sitting on 5.19 acres, the existing 51-unit apartment property is also entitled for up to 330 units of multi-housing for a potential future redevelopment.


 The infill property is also just a half a mile from I-440/Raleigh Beltline and 3.5 miles from I-40, allowing direct access to key employment and entertainment hubs like North Hills and Downtown Raleigh.

 Additionally, the property is located across the street from Crabtree Valley Mall, which offers over 150 national retail options.

 The JLL Capital Markets team representing the seller was led by Director Sarah Godwin.

For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

http://www.magmaequities.com

www.eyccompanies.com

jll.com.

 

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