FCP℠ announces the acquisition for $33.3 million of the Trails of North Hills, a 279-unit apartment community near the vibrant North Hills area. The Trails of North Hills Apartments are adjacent to the Crabtree/Mine Creek Greenway trail and enjoy immediate access to retail and employment centers.
“Both the Crabtree and North Hills submarkets continue to see very healthy mixed-use development, leading to even more demand for nearby workforce housing,” said FCP Vice President, Alex Cathcart. “The Trails of North Hills Apartments, which consist of 82% two- and three-bedroom units, mostly townhomes, will be improved to better meet the needs of residents seeking affordable quality housing near job centers, retail amenities and transportation corridors.” The acquisition of the Trails of North Hills marks FCP’s sixth investment in the North Hills market over the last eight years.
FCP has retained Pinnacle Management, who operates nine other FCP properties in the Southeast United States, to manage the property. Additionally, FCP will invest in capital improvements including clubhouse and amenity renovations, building upgrades, and landscaping and curb appeal updates.
FCP extends its appreciation to Paul Marley and Watson Bryant of the Cushman & Wakefield Multifamily Advisory Group for their representation. “The Trails of North Hills will benefit from outstanding demographic trends and high occupancy rates in the rapidly-expanding Crabtree submarket of Raleigh, driving organic rent growth and strongly supporting a market proven value-add opportunity for new ownership,” said Bryant.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.