June 6, 2017
Baltimore-based Continental Realty Corporation acquired The Edison Lofts, a 223-unit, multi-housing community located in Raleigh, NC from Cleveland, OH-based NRP Group for $61 million. The transaction is Continental’s inaugural multifamily acquisition in the greater Raleigh region, and at $273,543 per-unit, set a mid-rise per-unit pricing record for the Raleigh-Durham MSA.
The off-market sale of the newly-constructed, Class A asset was brokered by ARA Newmark Company’s Sean Wood. “Edison Lofts is an incredibly well-located asset, that is poised to benefit from much of downtown’s growth,” noted Wood.
Constructed in 2016, The Edison Lofts offers the largest floorplans and one of the most expansive amenity packages in the submarket. The property, located at 131 E. Davie St., includes the largest pool and pool deck in the downtown market, as well as one of the largest fitness centers with state-of-art equipment.
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