By Amanda Hoyle via TBJ
A Florida real estate investment firm that’s actively been buying, selling and developing new properties across the Triangle the past year has sold its ownership in one of its largest properties in the Raleigh, the Apartments of Stonehenge on Creedmoor Road.
Real estate sources confirm that Chicago real estate investment firm Magnolia Capital has acquired from Ram Realty Services of Florida the 452-unit Stonehenge apartment community at a price of $56.7 million, or about $125,500 per unit. The deal will likely rank among the largest commercial real estate property sales in 2017.
Max Peek, CEO and managing principal of Magnolia Capital, stated in a release about the deal that he plans to continue renovations to the property started by Ram Realty in 2012. “The Apartments of Stonehenge represented an opportunity to invest in an attractive asset in a premier location,” Peek said in the release. “We have a high level of conviction in the Raleigh market going forward, and are excited to implement our business plan to further improve and modernize this community for the benefit of our residents.” Stonehenge is Magnolia Capital’s debut in the Raleigh market
The property was about 94 percent occupied at closing, according to the release.
Ram Realty had acquired Apartments of Stonehenge in 2012 for $40.2 million. Since that time it implemented about $2.5 million in improvements to the property, including an upgrade and rebranding of a 96-unit section with superior finishes now called The Reserve at Stonehenge.
The 46.6 acre property is located at 7303 Hihenge Court near the intersection of Creedmoor Road and Stonehenge Drive. It includes a two-story clubhouse with fitness center, and indoor basketball and racquetball court, three swimming pools, lighted tennis courts, a playground, fire pit, business center, and resident lounge with demo kitchen.