Allister North Hills apartments sell for $93.5M

Another North Hills apartment community has sold for a near-record amount.

Allister North Hills, a 434-unit complex just south of the Beltline on Ramblewood Drive, has been acquired for $93.5 million by an affiliate of the Los Angeles County Employees Retirement Association’s pension fund, according to Wake County property records.

At $215,438 per unit, the price is among the highest ever paid, on a per-unit basis, for a Triangle apartment community. It’s also the third North Hills apartment community – after Park & Market and Midtown Green – to sell for more than $200,000 per unit, an indication of just how attractive North Hills has become to large institutional investors.

The LACERA entity acquired Allister North Hills from a joint venture between Kane Realty, the developer behind North Hills, and Federal Capital Partners.

In 2012, Kane Realty tore down the Lantern Square apartments to make room for Allister North Hills. The complex opened in 2014.

The developer is now constructing another apartment complex at North Hills. 104 Dartmouth, a 171-unit community, is scheduled to open this summer at the corner of St. Albans Drive and Dartmouth Road.

The Allister North Hills sale means the Triangle likely set a record in 2015 in terms of total apartment sales. Through Dec. 15, there had been 76 Triangle apartment complexes sold in 2015, with those transactions totaling $1.88 billion, according to CBRE.

In 2014, apartment sales totaled $1.98 billion.

This story was originally published December 31, 2015 at 4:15 PM with the headline "Allister North Hills apartments sell for $93.5M."