Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 2019
Building Area
Occupancy 66.0 %
Last Updated Date 25 Mar 2020

Property Description

2019 Vintage, 241 units, core property

Investment Highlights

  • Jones Lang Lasalle, a North Carolina licensed real estate broker
  • (“JLL”), has been retained as the exclusive sales representative for
  • The Metropolitan in Raleigh, North Carolina. The Metropolitan (the
  • “Property”) is a 241-unit midrise wrap community completed in 2019.
  • The Property sits in Downtown Raleigh and straddles the professional
  • government-centric Capital District and the lively entertainment-centric
  • Glenwood South area, serving as the connective tissue between both.
  • Due to this phenomenal location, The Metropolitan experienced a
  • rapid lease-up, averaging an eye-popping 30.4 move-ins per month
  • between April and August 2019. This rapid pace also speaks to both
  • the incredible design of the Property with its luxury finishes and ample
  • amenities, and renters’ demand for Downtown Raleigh living.
  • Downtown Raleigh is in the midst of an exciting urban Renaissance,
  • having experienced more than $3 billion of development since 2005.
  • The Downtown population has swelled 39% since 2015 to reach
  • 11,000 residents. This has also attracted new top-rated restaurants,
  • local retailers, and grocers onto the scene. There are also 48,000
  • daily workers in Downtown, and that number is expected to grow by
  • nearly 10,000 within the next 10 years as professionals continue to
  • prefer walkable office locations. Moreover, the ULI ranked Raleigh/
  • Durham area the #2 Top Market for Investment, Development in 2020
  • in its Emerging Trends in Real Estate report. The Metropolitan offers
  • investors an exciting opportunity to expand their footprint in one of the
  • Southeast’s fastest-growing markets.
Jeff Glenn
Jeff Glenn
Managing Director, Capital Markets
License details
NC-136508
Allan Lynch
Allan Lynch
Senior Director, Capital Markets
License details
NC-277156

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