North Raleigh apartment complex sells for $50 million
08/21/2014 1:36 PM
08/21/2014 1:38 PM
The Legacy at Wakefield apartments in North Raleigh have sold for $50.525 million, according to Wake County property records.
The buyer, according to corporate records on file with the Secretary of State’s office, was Carter-Haston, a multi-family investment and property manager company based in Nashville, Tenn.
Legacy at Wakefield, formerly called Meridan at Wakefield, was the first project built by NorthView Partners and NorthView Construction, which Robuck Homes created in 2009 to develop apartment projects.
The 369-unit complex opened in 2012.
The sale is another sign of the high level of interest investors continue to have in the Triangle apartment market, even as the region is set to add a significant amount of new supply.
A total of 9,712 units were under construction in the Triangle as of March, the highest number reported during any period since 1997, according to Karnes Research and the Triangle Apartment Association.
There are already signs that the influx of new inventory is slowing rent growth and raising the region’s occupancy level.
Apartment rents in the Triangle were flat in the second quarter compared to the same period last year, the first time in four years that the region did not record year-over-year rent growth, according to MPF Research.
The region's occupancy rate in the second quarter was 94.5 percent, down nine-tenths of a percentage point from the same period last year.
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