Foundry Commercial Multifamily Group Executes Round Trip Investment of Raleigh Apartment Complex
Posted on October 20, 2022
Raleigh, N.C. (Oct. 18, 2022) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt, recently represented Stoneweg U.S. on the sale of Alcove Garner, a Class-A suburban garden apartment community in the Raleigh market. Foundry Multifamily Investment Group represented Stoneweg when the company purchased the property 23 months prior.
“As the demand for quality multifamily product in the Triangle region remains red-hot, we were proud to help our client Stoneweg U.S. sell Alcove Garner at a substantial increase in basis,” said Trey Riddle, Senior Vice President, Foundry Commercial. “Our team’s approach to client service relies upon both quantitative and qualitative market intelligence that allow us to anticipate trends and provide powerful insights, and in cases such as this one, it truly pays dividends.”
In addition to Riddle, Stoneweg U.S. was represented by Senior Vice President John Manning and Senior Analyst Jennings Milholen of Foundry’s Multifamily Investment Group. The 170-unit apartment complex sits on an 11.64-acre site in Garner, a high-growth bedroom community of Raleigh. Since purchasing the property in October 2020, Stoneweg – with Foundry’s assistance – sold Alcove Garner at an increased value of ~$105,000 per unit. The buyer was Yankee Capital Partners.
Located near the intersection of N.C. Highway 42 and Interstate 40, the apartment complex is expected to benefit from two North Carolina Department of Transportation projects – the first of which will widen Interstate 40 in Johnston County up to Raleigh, and the second that will complete the I-540 loop, which is expected to further bring Johnston County into the Triangle economy.
Foundry’s Multifamily Investment Sales platform leverages a team of experienced and highly specialized brokers in concert with the firm’s existing strengths in investment sales to provide industry-leading multifamily advisory services to clients.
For more information about this transaction or to request time with the Foundry Commercial Multifamily Investment Sales platform, contact Trey Riddle at firstname.lastname@example.org, John Manning at email@example.com, or Jennings Milholen at firstname.lastname@example.org.