StoneBridge Investments of Washington, DC, has acquired The Columns at Wakefield, a 324-unit rental apartment community in Raleigh, NC. Howard Jenkins and Kevin Kempf of CBRE Southeast Multifamily represented the seller. The new ownership plans a renovation program to include modernization of common areas and grounds as well as upgrades of unit interiors.
This is StoneBridge’s third acquisition in the Raleigh/Durham market over the past two years. Combined with a recently acquired property in Charlotte, the company now owns more than 1,000 rental apartments in the North Carolina.
Built in 2003, The Columns at Wakefield is situated in an affluent suburb of North Raleigh at 14114 Chiswick House Lane, just four minutes from US-1 and Route 98. This convenient location places it within easy reach of major employment centers such as North Hills, downtown Raleigh, and Research Triangle Park (RTP), as well as Raleigh-Durham International Airport.
“We were attracted to this opportunity because of the unique combination of quality construction and desirable location within the Raleigh market”, said Will Bateman, Director, StoneBridge Investments. “With a diversified employment base focused on the medical, educational, life sciences, and technology sectors, Raleigh-Durham has a great economic foundation and has continued its expansion despite the COVID-19 pandemic. We believe these factors will help to insulate property performance in the short term and set Raleigh up for outsized growth in the coming years.”
Residents of the 97 percent occupied Columns community enjoy a resort-style swimming pool, 24-hour state-of-the-art fitness center, clubhouse and 24-house cyber café with wi-fi, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station, and complimentary package service.
One- to three-bedroom individual apartment homes feature nine-foot ceilings, large walk-in closets, crown molding in living rooms, built-in computer desks, and more. Select units offer patios or balconies with scenic views of the centrally located lake, pool, or surrounding forested areas. Select units also offer walk-in laundry rooms, wood-burning fireplaces, outdoor storage space, and attached garages.
“Leveraging the strong demographics and demand for upgraded product in the area, we are planning to implement an upgrade program focused on modernizing the property and bringing it in line with newer comps in the submarket,” said Kees Bruggen, Managing Director, StoneBridge Investments.
Bruggen explained that renovations will include modernized clubhouse design and decor, a 24-hour touchless package locker system, and enhancements to the pool and outdoor lounge areas. Upgraded apartments will feature stainless steel appliances, granite countertops, modern Shaker cabinet fronts, subway tile backsplashes, modern lighting, new flooring, washer-dryer sets in all units, and improved home technology such as “smart” thermostats and in-wall USB outlets.
Moody’s has named Raleigh-Durham as one of the top ten US cities best positioned to recover from COVID-19. For the last ten years, its population has grown at 4.3 times the average US rate; millennial population has grown at six times the national average since 2013. The Wakefield submarket within a mile radius of The Columns boasts an average household income of $137,000, with home values almost 30 percent above the regional average.