A California pension fund that’s connected to the Los Angeles County Employees Retirement Association has acquired from a North Hills partnership the 434-unit Allister North Hills apartment community in midtown Raleigh.
An affiliate of LACERA has paid $93.5 million for the midtown site, according to county records, which sets a new record as the most expensive apartment property sale in the Triangle for total price. The previous record holder was for Park & Market, another apartment building at North Hills, which sold for $82 million in 2012.
The sellers of the property are a joint-venture partnership between North Hills’ development firm, Kane Realty Corp. led by Chairman and CEO John Kane, and Maryland-based Federal Capital Partners. Construction was completed in February 2014 at an estimated value of $54.2 million
On a per unit bases, the Allister was sold for about $215,438 per unit, trailing the $272,000 per unit that was paid in late 2014 for the 282-unit Berkshire Cameron Village apartment building that sold for $76.8 million. Kane also sold the 214-unit Midtown Green apartments at North Hills in December 2014 for $44 million, or about $205,000 per unit.
In spring 2016, Kane will open its next new apartment community at North Hills, The Dartmouth, and construction work is beginning on a high-rise apartment building called Park Central that’s expected to open in 2016.
Sean Wood, lead broker for ARA, a Newmark Company, represented Kane and Federal Capital on the sale of Allister North Hills. Representing LACREA was Heitman Capital Management of Chicago.
Kane Residential will continue to manage the property.
Click here for the original article written by Amanda Hoyle/Triangle Business Journal.