FCP Acquires Trails Of North Hills Apartments In Raleigh, NC For $33.3 Million

CHEVY CHASE, Md., March 21, 2019 /PRNewswire/ — FCP℠ announces the acquisition for $33.3 million of the Trails of North Hills, a 279-unit apartment community near the vibrant North Hills area. The Trails of North Hills Apartments are adjacent to the Crabtree/Mine Creek Greenway trail and enjoy immediate access to retail and employment centers.

"Both the Crabtree and North Hills submarkets continue to see very healthy mixed-use development, leading to even more demand for nearby workforce housing," said FCP Vice President, Alex Cathcart. "The Trails of North Hills Apartments, which consist of 82% two- and three-bedroom units, mostly townhomes, will be improved to better meet the needs of residents seeking affordable quality housing near job centers, retail amenities and transportation corridors." The acquisition of the Trails of North Hills marks FCP’s sixth investment in the North Hills market over the last eight years.

FCP has retained Pinnacle Management, who operates nine other FCP properties in the Southeast United States, to manage the property. Additionally, FCP will invest in capital improvements including clubhouse and amenity renovations, building upgrades, and landscaping and curb appeal updates.

FCP extends its appreciation to Paul Marley and Watson Bryant of the Cushman & Wakefield Multifamily Advisory Group for their representation. "The Trails of North Hills will benefit from outstanding demographic trends and high occupancy rates in the rapidly-expanding Crabtree submarket of Raleigh, driving organic rent growth and strongly supporting a market proven value-add opportunity for new ownership," said Bryant.

About FCP
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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In Situ Studio revitalises dilapidated brick Nolintha Residence in North Carolina

Architecture firm In Situ Studio needed to overcome rotting trim and crumbling brick mortar to renovate and slightly enlarge an American foursquare-style dwelling that had fallen into shambles.

The Nolintha Residence is located in Raleigh, the state capital of North Carolina. The clients – a brother and sister who are successful restaurateurs – hired local firm In Situ Studio to overhaul the 1920s red brick home designed in an American Foursquare style. Popular in the late 19th and early 20th centuries, the simple, boxy homes were known for their efficient layouts, with each floor typically containing four rooms. Read More

‘It wasn’t fair.’ How renters are battling landlords over eviction fees | News & Observer

Katrina Wallace had saved up two months’ rent to tide her over as she went through brain surgery to correct a dangerous condition. But as her recovery became more involved, she no longer had enough to pay for her apartment.

She scraped together enough to cover one-third of the rent, and she had a commitment from Durham County’s social services department to cover the rest while she waited for her disability payments to start. Read More

Bulk TV Delivers High Definition DIRECTV Solution to Blessing Health System

RALEIGH, N.C., May 9, 2018 /PRNewswire/ — Bulk TV & Internet, a leading integrator of video, data and voice solutions to commercial properties nationwide, announces their recent deployments with Blessing Health System located in Quincy, Illinois. Bulk TV custom-engineered and installed a complete, high definition system to upgrade the television service at the 307-bed, acute-care Blessing Hospital in addition to the Blessing Wellness Center. Read More

Daily Digest

Fogelman Properties Buys N.C. Apartment Community

Memphis-based Fogelman Properties has acquired a 328-unit multifamily community in Raleigh, North Carolina, for $43.4 million.

Built in 1988, Lake Cameron Apartments was 95 percent occupied at the time of purchase and features one-, two-, and three-bedroom units ranging from $848 to $1,249 per month. Read More

Fogelman Properties acquires North Carolina apartment complex for $43 million – Memphis Business Journal

Memphis-based Fogelman Properties has acquired a $43 million apartment complex, company president Mark Fogelman said Monday.

The complex, located in North Carolina, was purchased through a joint venture between Fogelman and New York-based DRA Advisors. Since 2003, the two firms have acquired 26 multifamily communities via the partnership, according to a news release.

“We are thrilled to … add this high-quality asset to our local Raleigh portfolio,” Fogelman Properties CEO Rick Fogelman said. “We look forward to continued growth across the Raleigh-Durham region and within our long-standing relationship with DRA Advisors.” Read More

HFF Announces $3.935 Million Sale of Senior Housing Development Site in Raleigh, North Carolina

CHARLOTTE, NC – HFF announces the $3.935 million sale of an 8.49-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. Located at 901 St. Albans Drive, this is the final site closed from the St. Albans at Midtown portfolio that totaled four separate transactions.

The HFF team marketed the offering on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family, and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. A development joint venture between NorthView Partners, led by Mark Barker and Frank Morisey, and Navion Senior Solutions, led by Steve Morton and Arick Morton, purchased the parcel free and clear of existing debt. Read More

Thieves steal flags from Justice Department building in Raleigh (Video)

This image taken from a surveillance video shows three men suspected in the theft of flags from the Justice Department in Raleigh on Feb. 18.

RALEIGH — Police patrolling North Carolina’s state government complex are still trying to find people they say stole the U.S. and state flags from atop the Justice Department building in the middle of the night.

North Carolina State Capitol Police officers are looking for three suspects in the alleged larceny of the flags in the early-morning hours of Feb. 18. The police released surveillance camera video that Chief Glen Allen hopes will help identify the suspects. One of the videos shows someone walking away with an American flag.

“We hope to identify these suspects with the help of the public,” said Allen said. “These flags were stolen from the people of North Carolina, and larceny should not be tolerated.”

A police news release says investigators think the suspects used construction scaffolding to reach the poles on the roof. North Carolina Attorney General Josh Stein has his office in the Department of Justice building.

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