$53 Million Redevelopment Will Feature Luxury Rentals in North Hills
Federal Capital Partners (FCP) and Kane Realty Corporation (Kane Realty) today announced a joint venture to develop approximately 400 luxury apartments on 15 acres in the affluent North Hills area of Raleigh, NC. The venture will begin construction in the third quarter of 2012.
“The Ramblewood Apartments provide FCP the opportunity to work with a market-leading developer in a submarket with an outstanding amenity base,” said FCP Managing Partner, Lacy Rice. “Ramblewood marks FCP’s fourth investment in the Triangle area in the last 15 months and our first ground-up development project in North Carolina.” Mr. Rice continued, “Kane Realty has a superior understanding of this submarket and a remarkable track record for delivering best-in-class developments.”
The Ramblewood Apartments at North Hills will offer luxury living along quiet, tree-lined streets. Located in Raleigh’s “mid-town” at North Hills, the apartments will combine rental living with condo grade finishes and amenities. The central manor building will provide residents with a pool, a fitness center, business center, outdoor terrace, community room and green spaces. Individual units, each of which will have a balcony, will feature granite or stone countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms.
About Federal Capital Partners
Federal Capital Partners (FCP), based in the Washington, DC metropolitan area, is a privately held real estate investment company that has acquired interests in more than $3 billion in assets since 2003. FCP invests in commercial and multi-family assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Carolinas. FCP currently manages a portfolio of approximately $2 billion in real estate assets throughout those markets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary co-mingled private equity funds, FCP invests directly in core-plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners. The company is aggressively seeking office, residential (for sale and for rent), industrial and retail investments throughout the Mid-Atlantic. For further information on FCP, please visit www.fcpdc.com
About Kane Realty Corporation
Kane Realty Corporation (www.kanerealtycorp.com), one of the most experienced and respected developers in Raleigh, is led by John Kane and Mike Smith. The company was founded in 1978 by John Kane. Kane has developed sustainable mixed-use communities, regional malls, neighborhood and community centers, retail outparcels, residential neighborhoods and office buildings. Prior to 1997, Kane had developed or redeveloped over 4 million square feet of retail space, malls, and community/neighborhood centers. In 1999, Kane purchased the first of numerous properties in Raleigh’s North Hills and embarked on a $700 million redevelopment of 130 acres. John and Mike have grown Kane Realty into a company focusing on large-scale, luxury mixed-use development projects.