BEACH INVESTMENT FUND ACQUIRES 206-UNIT RALEIGH APARTMENT COMMUNITY
The acquisition marks the second property in for the Fund and its first in the Raleigh market.
Amberwood at Lochmere provides a myriad of amenities, including 2 shimmering pools, 2 Fitness Centers, and 2 Dog Parks
CBRE recently arranged the sale of Amberwood at Lochmere, a 206-unit multifamily property located in Raleigh’s coveted Cary submarket. Beach Investment Fund LP (“Fund”), an affiliate of The Beach Company, acquired the property. The acquisition marks the second property in for the Fund and its first in the Raleigh market.
CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf represented the seller. CBRE’s Nate Sittema and Kristen Reilley placed the Freddie Mac loan.
Amberwood at Lochmere is strategically positioned within high-performing school zones and has direct access to the Speight Branch Greenway walking and hiking trails. The property is also situated within a four-mile radius of major retail developments, including Tryon Village Shopping Center, Waverly Place, Crossroads Plaza, Fenton and Cary Towne Center.
“Raleigh boasts many accolades, including a top city for jobs and tech and best places to live,” said Mr. Jenkins, senior vice president at CBRE|Raleigh. “Buoyed by continued growth in our region’s recession resistant ‘meds & eds’ and technology fields, a millennial growth rate nearly six times the national average, a 3% unemployment rate, and relative affordability, Raleigh’s multifamily market is expected to continue to thrive.”
Beach Investment Management, the Fund’s manager, plans to implement improvements throughout the property, focusing on amenities, landscaping, and building exteriors.
“The Raleigh-Triangle MSA has proven itself a stalwart in the Southeast, with strong incomes, home prices, and a robust and balanced economy. These fundamentals are conducive to continued impressive growth,” said Leonard Way, Senior Vice President of Beach Investment Management. “With more than 30,000 new jobs expected through 2022 and a millennial growth rate of nearly six times the national average, Raleigh’s multifamily market is expected to thrive.”
The Cary submarket is located between the Research Triangle Park and downtown Raleigh, positioning it as one of the more desirable communities in the Southeast. With luxury entertainment, restaurants and retail, a top education and medical system, and reputable employers nearby, Cary is well poised to continue to attract people and companies.