January 5, 2015 | Redwood Capital Expands in Raleigh | MutltifamilyNews.com
Raleigh, N.C. – Chicago-based investor Redwood Capital Group has picked up a 188-unit community known as Lexington Farms from Church Street Partners, a Raleigh-based private real estate firm. ARA represented Church Street Partners in the sale, which closed at $22.2 million, or $118,351 per unit.
The asset is located in Northwest Raleigh between Rex Healthcare and Crabtree Valley Mall near I-440. At the time of sale occupancy stood at 96 percent. Church Street had renovated about 70 percent of the unit interiors at the 1988-built property with stainless steel appliances, faux wood flooring, cabinets, faux granite countertops, lighting and doors before the sale. Redwood will continue the renovations to unit interiors and improve the clubhouse and fitness center. Total spending on future improvements is estimated to be in the $800,000 range.