|Last Updated Date||25 Mar 2020|
2019 Vintage, 241 units, core property
- 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.