Newmark announces a combined sale and financing transaction for the multifamily community of Hawthorne at the Trace in Raleigh. Newmark’s Multifamily Capital Markets Vice Chairmen Sean Wood, John Heimburger and Dean Smith along with Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon represented the seller Hawthorne Residential Partners on the transaction. Newmark’s Debt & Structured Finance group arranged the financing for the purchase on behalf of new owners Knightvest.
“This is a new market for Knightvest as the purchase of Hawthorne at the Trace represents their first investment in the Carolinas,” said Wood. “We think this is a great asset with a proven value-add opportunity and we’re looking forward to helping Knightvest continue to grow in the Carolinas.”
Hawthorne at the Trace is a garden apartment community located at 8224 Green Lantern Street in Raleigh. The property was built in 1995 and encompasses 237,440 square feet on 15.43 acres. The 250-unit property features 9’ ceilings, mature landscaping, a recently remodeled Clubhouse, HUB Package Lockers, an upgraded fitness center, business center, outdoor lounge with picnic area and recently expanded pool.
The property comes with a value-add opportunity for new ownership to expand upon the renovation program to include high-end finishes in the apartments, adding more in-unit amenities, and extend private outdoor spaces for residents.
Hawthorne at the Trace provides convenient accessibility throughout the Raleigh (and greater Triangle) market as it’s close to Raleigh’s busiest transportation arteries of I-40, I-440 and I-540 as well as critical area connectors in Glenwood Avenue (NC 70) and Wade Avenue. Additionally, the property is ideally located in the middle of three major employment and demand drivers in the Rex Hospital / Blue Ridge Road corridor, Brier Creek and the Crabtree Valley Mall.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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