Kane brings on JV partner for $100M Park Central at North Hills

Feb 11, 2016 | Conventional Multifamily, Raleigh, Residential

Park Central Apartments in North Hills

KBS Realty Advisors has already helped Raleigh’s Kane Realty Corp. finance and build two new office towers at North Hills, and now the West Coast real estate investor is signing on for a third major building project in Raleigh.

California-based KBS, the company announced on Wednesday, has signed on as a new joint-venture partner alongside Kane Realty in the construction of the 16-story Park Central apartment and retail high-rise already underway in Midtown.

Terms of the deal were not disclosed, but Kane has estimated the project will cost about $100 million to build, making Park Central one of the most expensive new development projects to date on the east side of Six Forks Road at North Hills.

KBS Realty is also a joint venture partner with Kane in the ownership of the 17-story CAPTRUST Tower at North Hills, as well as the ongoing development of the 18-story Bank of America Tower opening in the spring and the 12-story Midtown Plaza office building that will be completed in mid-2017.

Here are some of the specs for Park Central, a building project that’s expected to
be completed by September 2017:

252,204 square feet total;

  • A 16-story tower atop a mid-rise apartment building and parking deck
  • 36,400 square feet of ground-level retail and restaurant space
  • 286 multifamily units total, including 134 units with tower views
  • Residential amenities will include two clubrooms, three exterior courtyards, a sauna, pet spa and concierge service
  • Select unit amenities will include views of downtown Raleigh, 42-inch kitchen cabinetry, walk‐in closets, granite countertops, stainless steel appliances, ceramic tile backsplashes, keyless entry systems, built-in wine refrigerators, 10-foot ceilings and walk‐in showers



    • Click here for the original article written by Amanda Hoyle/Triangle Business Journal.