Magma Equities purchases Richmond Hills, a 1970s vintage apartment community for value-add in Raleigh, NC

JLL Capital Markets closed the 51-unit multihousing sale on behalf of Magma Equities

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2251 Charles Dr.
JLL closed a $6.2 million sale of 51 existing multihousing units at 2251 Charles Dr. in Raleigh, North Carolina.

JLL Capital Markets announced it closed a $6.2 million sale of 51 existing multihousing units in the Richmond Hills multihousing community located at 2251 Charles Dr. in Raleigh, North Carolina.

JLL represented the seller, EYC Companies, LLC, to complete the sale to the buyer, Magma Equities.

The community will undergo a renovation with updated countertops and kitchen cabinets, pool revitalization, and exterior renovations in the next year. Sitting on 5.19 acres, the existing 51-unit apartment property is also entitled for up to 330 units of multihousing for a potential future redevelopment.

The infill property is also just a half a mile from I-440/Raleigh Beltline and 3.5 miles from I-40, allowing direct access to key employment and entertainment hubs like North Hills and Downtown Raleigh. Additionally, the property is located across the street from Crabtree Valley Mall, which offers over 150 national retail options.

The JLL Capital Markets team representing the seller was led by Director Sarah Godwin.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.