Our Portfolio
244 Units — Raleigh
The Seasons at Umstead
Units: 244
Year built: 1998
Location: Raleigh, North Carolina
Submarket: Northwest Raleigh
Acquired: September 2019
Purchase price: $41.5 million
1031 exchanges: 8
Equity invested: $15.9 million
CapEx budget: $1.7 million
California firm scoops up Raleigh apartments for $40M, plans improvements − Triangle Business Journal
Investment Highlights
The Seasons at Umstead is a core-plus apartment community in the emerging Northwest Raleigh submarket. A “smart tech upgrade” interior renovation plan was strategically designed to capture an upscale Research Triangle Park renter demographic.
Seasons is a 15-minute commute to more than 300 research, technology and ag-bio companies. As a result, the average household income within five miles of Seasons exceeds $100,000. Seasons offers immediate access into the 5,600-acre Umstead State Park.