192 Apartments Near the Raleigh Golf Association Change Hands
Sep 15, 2016

RALEIGH, N.C., Sept. 15, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of 192 apartment units in The Links, an apartment community in Raleigh, North Carolina.

“The Links’ apartments in this sale provide new ownership with a value-add opportunity plus great potential long-term stability and value appreciation in a rapidly expanding Raleigh submarket,” says Will Balthrope, IPA executive director.

Balthrope, Drew Kile, IPA senior director, Joey Tumminello, IPA associate, and Richard Montana, a director of Marcus & Millichap’s National Multi Housing Group in Greensboro, procured the buyer. National Asset Services (NAS) represented the sellers, a group of tenant-in-common co-owners.

Raj Ravi, regional manager of Marcus & Millichap’s Raleigh office, is the firm’s broker of record in North Carolina.

“Situated amongst the fairways of the Raleigh Golf Association golf course, the property also has 72 individually owned condominiums that were not included in the sale,” adds Kile. “The community is run by a management group that manages the property and the homeowner’s association, which governs all units.”

The community is located one mile from the intersection of Interstate 40 and U.S. Route 401 and four miles from downtown Raleigh. North Carolina State University is three miles away and major employers such as the Florida Progress Corp., Red Hat Inc., PNC Bank National, Carter & Burgess and Duke Energy Progress are nearby.

“Although The Links has a condominium component, the asset generated tremendous interest from buyers in the Carolinas, New York, Florida and California,” notes Montana. “The multifamily investment community is bullish on North Carolina’s strong economic fundamentals and attracted by Raleigh’s significant growth potential.”

Apartment interiors at The Links feature nine-foot ceilings, designer spiral staircases and gas log fireplaces. Community amenities include a custom car care center, sport courts and indoor and outdoor swimming pools.