FCP announces the $48.0 million acquisition of Grand Arbor Reserve, a 297-unit vintage apartment community at 2419 Wycliff Road, blocks from I-440 in Raleigh, North Carolina.
“Grand Arbor Reserve is a well-located asset that provides residents quality housing near job centers, retail amenities and transportation corridors,” said FCP’s Michael Errichetti.
Grand Arbor Reserve offers residents convenient access to I-440, Raleigh’s main thoroughfare, providing excellent connectivity to downtown Raleigh, Research Triangle Park, and over 100,000 jobs in the Raleigh-Durham MSA. The property is also adjacent to the UNC Rex Hospital, one of the top hospitals in Raleigh. The 297 units are made up of predominantly two- and three-bedroom apartments with onsite amenities including a pool, fitness center, playground, dog park and volleyball court.
FCP extends its appreciation to Howard Jenkins and CBRE Southeast Multifamily for their representation of the seller.