Kane Tearing Down Raleigh Offices, Apartments to Build Mixed-Use Project
FCP sold of an office and apartment property in Raleigh for $72.3 million. Kane Realty acquired both The Pointe at Midtown, a 365-unit multifamily community and the 115,413-square-foot Grove Towers (photo) office asset in Raleigh, N.C. The Triangle Business Journal reports FCP paid $37.1 million for it five years ago.
Kane plans to raze both the office and apartment community and replace it with a mixed-use development. The City of Raleigh approved a rezoning that allows the construction of 37-story towers.
Kan is permitted up to 2,521 multifamily units, 1.7 million square feet of office and medical space and 263,465 square feet of retail space.
Kane’s newly acquired site is roughly 5 miles north of downtown Raleigh and about 2 miles from the North Hills redevelopment.
The company owns upward of 4,200 multifamily units in metro Raleigh across all stages of development.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
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