A prime multifamily property that was strategically positioned in the thriving Raleigh submarket of North Carolina's Raleigh-Durham area. With robust economic growth, a strong competitive advantage, and a well-executed business plan, this 2014 vintage garden-style complex proved to be an exceptional investment opportunity, boasting impressive financial performance and substantial value enhancement before its successful sale.
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Overview
Submarket Highlights
The Robust Economic Growth
Raleigh experienced tremendous growth fueled by the Research Triangle Park, three Tier-1 research universities, and numerous Economic Development wins. Raleigh-Durham has been the second-fastest growing large metropolitan area over the past two decades with an annual population growth rate of 2.75%, compared to a national average of 0.78%. Coupled with over $9.2 billion in the active EDC pipeline bringing over 14,700 new high-paying jobs with salaries averaging over $110,000, the Raleigh-Durham metro is poised to be a leading growth market for many years to come.
Strong Competitive Landscape
Alcove Garner is a 2014 vintage property located in Garner (Raleigh MSA), North Carolina. Alcove Garner caters to both professionals as well as young families because of its interior features and community amenities. Located just 15 minutes from Downtown Raleigh, Alcove Garner provides easy access to the retail, restaurants, and entertainment of Raleigh, at a price point that is more attractive for its residents.
Alcove Garner achieved impressive financial results and substantial value enhancement through diligent hands-on asset management. Our strategic business plan, which included exterior and amenity upgrades, as well as a focus on resident satisfaction, proved highly successful, reducing turnover costs and significantly increasing long-term cash flow. This achievement is a testament to our dedication and expertise in managing this property for a successful sale and a high return.
