Rental Home Leader Buying Up Wake County Townhomes
Home rental company Invitation Homes has bought 152 townhomes in the Glennon at Wendell development in Wake County. The Triangle Business Journal reports that the company paid $41.4 million for the individual units. That comes out to about $272,000 a unit. Meritage Homes built the townhomes at Glennon and has been selling them in lots of six to 17 to Invitation Homes.
Glennon at Wendell is a mixed-use development with 228 townhomes, 312 apartments and 50,000 square feet of commercial space. It is across from the Wake Tech East campus, just east of Raleigh.
Invitation Homes lists the townhomes for rent ranging from $1,793 to $1,999. Invitation Homes owns about 1,000 homes in the area.
Invitation Homes is the largest institutional rental home investor in the country, with 86,000 homes, an average rent of $2,357, according to Parcl Labs data.
Other News
Atlas Capital Snags Hell’s Kitchen Apartments for Reported $150M
Atlas Capital Group has acquired 360 W. 43rd St., a 256-unit multifamily property located in Midtown Manhattan’s Hell’s Kitchen neighborhood. Although Atlas Capital did not disclose the acquisition price, Crain’s New York Business reported it as approximately $150 million, or about $586,000 per unit. The 23-story, approximately 250,000-square-foot property comprises 256 rental apartments, 13,000 square feet...
Learn more
EYA Advances Two Residential Developments in Fairfax County
EYA LLC, a D.C.-based urban infill residential developer, is advancing two major residential projects in Northern Virginia. The firm’s Prosperity Park project received approval from the Fairfax County Board of Supervisors, and the Idylwood Hill development reached a key milestone with the closing of its 6.97-acre site in Falls Church. The two projects will bring...
Learn more
Timberline Partners Spends $83M on WA Multifamily Community
Timberlane Partners purchased Canopy Apartments, a 336-unit garden-style apartment community located at 923 112th St. SW in Everett, WA, for $82.75M, or $246,279 per unit. The acquisition was made in partnership with NY-based EOS Residential Investors. Canopy is the sixth acquisition through Timberlane Acquisition Fund II (TAF II) and follows the firm’s $37M acquisition of...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout