Beach Real Estate Funds, LLC (BREF), an affiliate of The Beach Company, recently acquired North Oaks Landing, a 200-unit garden-style multifamily community in the North Hills submarket of Raleigh, N.C.
The $44 million acquisition was made on behalf of the Beach Investment Fund LP, a discretionary fund that acquires and operates multifamily assets throughout the Southeastern U.S.
With major Interstate-540 and Interstate-440 arterials located just 5 minutes north and south of the property, North Oaks Landing residents can easily access Raleigh’s major job centers, vibrant downtown and world-renowned Research Triangle Park, which is home to Apple’s $1 billion East Coast hub. Area tenants include Wegmans, Fresh Market, Apple and Barnes & Noble as well as the highly regarded North Ridge Country Club. The region also offers miles of walking, biking and hiking trails.
Raleigh continues to rank among the best places in the nation to live, work and obtain a world-class education with job openings from Google and Epic Games, national and regional headquarters for Advanced Auto Parts and IBM and institutions such as North Carolina State University, WakeMed, Duke University School of Medicine and UNC Health.
“North Oaks Landing provides an excellent opportunity for the Beach Company to expand its growing multifamily portfolio in Raleigh,” said Darby Parker, BREF’s acquisitions manager. “The reputation of the market is well-established, which is why this is our third regional acquisition and is a footprint we plan to continue expanding.”
Built in 1980, North Oaks Landing features 200 units averaging 1,018 square feet and an amenity package that includes a fitness center, playground, swimming pool, property Wi-Fi and an outdoor grilling area.
“The property is perfectly set up for a comprehensive value-add program,” said Teddy Hendricks, BREF’s director of asset management. “We are planning an interior and exterior program, as well as an amenity refresh to extend the life of the property and improve our residents’ experience. The community’s amenity offerings, location and large floor plans are ideal for anyone moving to North Hills.”
“It’s no secret that the Raleigh market has seen impressive growth over the past cycle,” said Leonard Way, BREF’s senior vice president and fund manager. “North Oaks Landing provides an excellent opportunity for The Beach Company to provide residents with a fantastic living experience while continuing our growth across the Southeast.”
This transaction represents the eighth acquisition in the Company’s Beach Investment Fund. Mike Kemether, Hunter Bowling, Paul Marley and Jacqui Aaron of Cushman and Wakefield facilitated the sale on behalf of the seller. Beach Real Estate Fund’s acquisition team of Darby Parker and Niko LeVigne facilitated the sale on behalf of the buyer. CBRE’s Nate Sittema and Kristen Reilley facilitated the financing.