Luxury Apartments at Foxwood in North Raleigh Sold to California Private Equity Firm in Record-Breaking Transaction

Posted on January 4, 2022

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Raleigh, N.C. (Jan. 4, 2022) – The Luxury Apartments at Foxwood, located at 6701 Fox Road, Raleigh, NC 27616, recently sold by KDM Acquisitions, LLC to Mount Auburn Multifamily, a California-based private equity firm, in one of the largest multifamily trades to ever occur in the state. Foundry Commercial’s Multifamily Investments Group was exclusively retained as the listing broker for the property, which was sold by Foundry’s John Neal Manning, Trey Riddle, and Jennings Milholen.

The Luxury Apartments at Foxwood is comprised of 460 total units, completed during two phases in 2018 and 2020, respectively. The site is located on just over 45 acres. The property is located in the Triangle Town Center submarket near Interstate 540, U.S. 401, and U.S. 1. The buildings feature four-story garden-style apartments throughout 14 buildings on the property, fully amenitized with a fenced dog park, a resort-style pool with cabanas, a 24-hour fitness center and clubhouse, smart home technology, as well as garage bays.  

“Given the increasing desirability of the Triangle as an affordable, enjoyable live-work-play region, we’re continually fielding investor inquiries for newer, state-of-the-art multifamily product ready to rise to meet the demand of today’s renter,” stated John Neal Manning, Senior Vice President, Foundry Commercial. “The level of interest in this property in such a short amount of time, and the notable price per square foot that buyers were interested in purchasing it for, really gives an indication of how hot the Raleigh multifamily market is right now.”  

For more information about the transaction, or to inquire about the Foundry Multifamily Investments Group, contact John Neal Manning or Trey Riddle at 919-576-2680.