North Raleigh Multifamily PortfolioRaleigh, NC

PROPERTY TYPE

Multifamily

PROPERTY SIZE

Three complexes, 830 units

PROPERTY OVERVIEW

In September 2019, ASB, in joint venture with TruAmerica, acquired three workforce housing apartment complexes in the sought after northern suburbs of Raleigh which is experiencing unprecedented population growth. The submarket offers excellent proximity to major employment centers, a strong school system, and other residential amenities. Within a 15 minute drive is the Research Triangle Park, providing over 50,000 high-paying jobs, and within a 10 minute drive is the Glenwood Corridor with another 42,000 jobs.
The Portfolio’s three properties: Bridgeport, Duraleigh Woods, and Sailboat Bay offer a low density, park-like apartment experience that can no longer be replicated in the submarket due to rising land prices. All three properties offer a full amenity package including resort-style swimming pools and proximity to Olmstead Park, a 5,600 acre park with 22 miles of hiking trails. Additionally, two of the three properties sit along Lake Lynn, and feature private access to the lake, differentiating it from other properties in the area.

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