Federal Capital Partners (FCP) and Kane Realty Corporation (Kane Realty) announce the sale of Allister North Hills, a 434-unit luxury apartment community in Midtown Raleigh, NC at I-440 and Six Forks Road. Allister North Hills was developed by the FCP/Kane venture in 2013 and was almost 95% occupied at the time of sale.
“Allister North Hills was our first ground-up development in the Triangle and in partnership with Kane Realty. We could not be happier with the development execution, lease-up and exit, and we would like to congratulate the Kane team on their seamless implementation of our business plan,” said FCP Vice President, Bryan Kane. Kane Residential will continue to manage the property for the new owner, an affiliate of Chicago-based Heitman.
Allister North Hills offers luxury living along quiet, tree-lined streets while still walkable to the many amenities at nearby North Hills. The apartments combine rental living with condo grade finishes and amenities, including two pools, a fitness center, business center, outdoor terraces, community room, dog park and other green spaces. Individual units, each of which have a balcony, feature granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms.
Mike Smith, President of Kane Realty added, “Kane Realty looks forward to maintaining its involvement with Allister North Hills. We are very proud of this development venture with FCP and look forward to the continuation of our relationship with the Dillon development in downtown Raleigh.”
FCP and Kane extend their appreciation to Sean Wood and Blake Okland of ARA for their representation on the sale.
Founded in 1966, Heitman LLC is a global real estate investment management firm with over $34 billion in assets. Heitman invests in commercial real estate directly or in publicly traded real estate securities. The firm is uniquely structured, with 50 percent of the company owned by 37 senior employees. Heitman serves a global client base with clients from North American, European, Middle Eastern, and Asia-Pacific institutions, pension plans, foundations and corporations, and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Dusseldorf, Munich, Warsaw, Hong Kong, Seoul, Tokyo, and Melbourne, Heitman’s over 300 employees offer specialized expertise – from a specific discipline to local insight.
About Kane Realty
Kane Realty Corporation (KRC) is a full service real estate development and management company focused on office, retail, multi-family and mixed-use properties of the highest quality. Based in Raleigh, NC since 1978, KRC is dedicated to the goal of creating irresistible places where people will naturally want to gather. Through meticulous attention to detail in every aspect of the property from design and construction management to leasing and property management, Kane’s mission is to build places that improve the quality of life of their businesses, their employees, residents and visitors. For more information, please visit www.kanerealtycorp.com
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com