CBRE has arranged the sale of Amberwood at Lochmere, a 206-unit multifamily property located in Raleigh’s coveted Cary submarket. Beach Investment Fund LP (“Fund”), an affiliate of The Beach Company, acquired the property. The acquisition marks the second property in for the Fund and its first in the Raleigh market.
CBRE|Raleigh’s Howard Jenkins and CBRE’s Kevin Kempf represented the seller. CBRE’s Nate Sittema and Kristen Reilley placed the Freddie Mac loan.
Amberwood at Lochmere is strategically positioned within high-performing school zones and has direct access to the Speight Branch Greenway walking and hiking trails. The property is also situated within a four-mile radius of major retail developments, including Tryon Village Shopping Center, Waverly Place, Crossroads Plaza, Fenton and Cary Towne Center.
“Raleigh boasts many accolades, including a top city for jobs and tech and best places to live,” said Jenkins, senior vice president at CBRE|Raleigh. “Buoyed by continued growth in our region’s recession resistant ‘meds & eds’ and technology fields, a millennial growth rate nearly six times the national average, a 3% unemployment rate, and relative affordability, Raleigh’s multifamily market is expected to continue to thrive.”
Beach Investment Management, the Fund’s manager, plans to implement improvements throughout the property, focusing on amenities, landscaping, and building exteriors.
“The Raleigh-Triangle MSA has proven itself a stalwart in the Southeast, with strong incomes, home prices, and a robust and balanced economy.These fundamentals are conducive to continued impressive growth,” said Leonard Way, Senior Vice President of Beach Investment Management. “With more than 30,000 new jobs expected through 2022 and a millennial growth rate of nearly six times the national average, Raleigh’s multifamily market is expected to thrive.”
The Cary submarket is located between the Research Triangle Park and downtown Raleigh, positioning it as one of the more desirable communities in the Southeast. With luxury entertainment, restaurants and retail, a top education and medical system, and reputable employers nearby, Cary is well poised to continue to attract people and companies.
CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2018, the Raleigh office completed $1.9 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.
About Beach Investment Fund LP
Launched in 2019,Charleston, S.C.-based Beach Investment Fund LP acquires multifamily assets in the Southeast U.S.. and is a discretionary fund aimed at implementing a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors.
About The Beach Company
Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development and property management for 70 years. Led by CEO John Darby, The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each development opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.