TA Realty, an investment company with headquarters in Boston, has paid $114.5 million to purchase the Solis Hills Apartments, which are located in the Oberlin neighbourhood of Raleigh, North Carolina.
According to the Triangle Business Journal, the apartment complex will be constructed in 2022 by a Charlotte developer by the name of Terwilliger Pappas. It will have 315 units, including a mix of studio, one-, two-, and three-bedroom apartments that range in size from 550 to 1,570 square feet.
The apartments come equipped with built-in wood closet shelving, washers and dryers in the units, stainless steel appliances, granite countertops, keyless fob entrance and keyless entry with fob. In addition, there is a swimming pool, a fitness centre, a yoga studio, gaming and entertainment rooms, coworking spaces, and patios that come equipped with televisions, grills, and fire pits. Residents of Raleigh have access to additional privileges such as discounts and incentives at a variety of restaurants and retail establishments in the city.
According to an article in the Charlotte Observer from the month of June, the Washington, District of Columbia-based real estate development company Hoffman & Associates revealed it would be making its debut in Charlotte. Hoffman is making his debut in the real estate industry not with one but two projects, both of which are located in the same neighbourhood and even on the same street.
In the Brookhill section of the South End neighbourhood, at the address 2401 Distribution Street, developer Hoffman intends to construct a building with 410 residential units and 5,000 square feet of retail space. The construction will get underway in the spring of 2025, and it will be finished by the summer of 2027.
At 2500 Distribution Street, Hoffman is designing a block that will include 330 apartments and 10,000 square feet of community space. This block will be on the slightly smaller side. This six-story structure will be the first one to break ground, and construction is anticipated to begin in the spring and continue for a total of two years.
The combined space of the two towers will exceed 800,000 square feet, and they will contribute 740 new apartments to the neighbourhood.
This transaction demonstrates a continuous interest in the rapidly expanding real estate market in Raleigh. The new ownership has not stated any plans to make any changes to the complex or to the current rent prices.
The Oberlin neighbourhood is undergoing a dramatic makeover, with numerous developers working on projects like as apartments, luxury senior living communities, condominiums, townhomes, cottages, single-family homes, and retail spaces. This shift is taking place as a result of a combination of factors.
