A joint venture sold the 434-unit community to Heitman.
“Allister provides apartment living in an established, high-end residential neighborhood where there are not additional opportunities to build apartments, while also being proximate to all of the retail and lifestyle amenities present at North Hills,” Bryan Kane, FCP’s vice president, in charge of its Carolinas investments, told MHN. “Cap rates are at or near historic lows, and we were able to garner a price that was significantly above our underwritten exit price.”
Located at I-440 and Six Forks Road, Allister North Hills 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 feature a private balcony, granite countertops, stainless steel appliances, washers and dryers and ceramic-tiled bathrooms.
Allister North Hills was developed by the FCP/Kane venture in 2013, FCP’s first ground-up development in the Triangle and in partnership with Kane Realty. It was nearly 95 percent occupied at the time of sale.
“FCP’s funds generally seek to exit our development investments upon stabilization, which was recently achieved by this property,” Kane said. “Our return exceeded initial projections. We are extremely pleased with the outcome.”
Kane Residential will continue to manage the property for the new owner.
“Kane Realty looks forward to maintaining its involvement with Allister North Hills,” Mike Smith, Kane Realty’s president, said. “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.”
Sean Wood and Blake Okland of ARA represented the sellers on the sale.
Click here for the original article written by Keith Loria/Multi-Housing News.