News Summary
Fairfield Residential has purchased Park Central Apartments in Raleigh, North Carolina, for $132.5 million. This acquisition reflects the growing demand for luxury housing in the area, as the 286-unit complex has significantly exceeded financial projections. Developed in 2017, it includes retail space and offers numerous amenities, reinforcing its appeal in the urban landscape of North Hills. This transaction signals continued investor confidence in Raleigh’s real estate market, which is experiencing notable growth in apartment construction.
Raleigh, North Carolina — Fairfield Residential Acquires Park Central Apartments for $132.5 Million
Fairfield Residential has completed the purchase of Park Central Apartments, a luxury multifamily complex located in Raleigh, North Carolina, for a total of $132.5 million. The acquisition marks a significant investment in the area’s booming housing market and adds a prominent high-rise to North Hills’ landscape.
Details of the Acquisition
The 286-unit complex, which opened in 2017, was developed by KBS in collaboration with Kane Realty. The development was a joint venture between the two companies, with KBS beginning construction in 2015. The property features 36,000 square feet of ground-floor retail space, contributing to the vibrant commercial scene of North Hills, a recognized urban district in Raleigh.
The acquisition was facilitated by John Munroe of Newmark, who coordinated the transaction, signaling continued investor confidence in Raleigh’s luxury apartment sector. The property has notably outperformed its original financial projections from 2015, delivering 2.4 times the initial investment to the joint venture fund, highlighting its strong financial performance and desirability.
Significance for the Raleigh Housing Market
The complex has played a key role in fostering density within the district, according to Allen Aldridge, KBS’s asset manager. The project’s success underscores the area’s robust demand for high-end rental housing, especially in the context of Raleigh’s growth as a major urban hub.
Amenities and Location
Park Central Apartments boasts a suite of amenities aimed at facilitating modern urban lifestyles. These include a sky deck with a pool, a clubhouse with a sauna, a dog spa, a comprehensive fitness center, conference facilities, and an underground parking garage. The complex’s strategic location near Interstate 440, North Carolina State University, and Raleigh-Durham International Airport enhances its attractiveness to residents and commuters alike.
Other Developments and Projects in Raleigh
In addition to Park Central Apartments, other significant residential projects in Raleigh have been gaining traction. Town Triangle Crossing, developed by Related Group, features a lodge-inspired aesthetic and offers luxury amenities, including North Carolina’s largest residential pool. The complex has shown strong leasing momentum and commands notable rent premiums, earning the 2025 CoStar Impact Award for multifamily development of the year in Raleigh-Durham. Its 384 units provide extensive amenities to residents, including a large pool and community spaces.
Further expansion is underway with Kane Realty’s The Strand, a new 20-story luxury apartment tower in North Hills. This $200 million project will include 362 units and a range of luxury offerings, representing a post-pandemic boom in Class A multifamily inventory in Raleigh.
Market Trends in Raleigh and North Carolina
Raleigh ranks fourth nationwide in apartment construction growth, adding 32,355 new units in 2024. The region benefits from a relatively affordable housing market, with average rent around $1,534, significantly lower than California’s average of $2,533. The North Carolina Triangle area experienced a 5.12% increase in new apartments during 2024, surpassing the national average of 2.59%, driven by strong demand and inbound migration, which positioned the state among the top five for population growth in 2024.
Legislative and Development Context
The North Carolina General Assembly recently passed legislation aimed at protecting property rights against local government “downzoning” measures, potentially influencing future development in the region.
Summary
Overall, these developments highlight Raleigh’s continued growth as a vibrant urban hub, with high demand for luxury apartments, ongoing large-scale projects, and a favorable legislative environment supporting real estate investments.
FAQs
- Fairfield Residential has acquired Park Central Apartments for $132.5 million.
- The property is a 286-unit luxury apartment complex located in Raleigh, North Carolina.
- The acquisition was arranged by John Munroe of Newmark.
- KBS, the seller, began developing the property in 2015 in a joint venture with Kane Realty.
- The complex opened in 2017, featuring 36,000 square feet of ground-floor retail.
- It significantly outperformed its original 2015 underwriting, returning 2.4 times the investment.
- The property includes amenities such as a sky deck with a pool, clubhouse with sauna, dog spa, fitness center, conference center, and parking garage.
- The location near Interstate 440, North Carolina State University, and Raleigh-Durham International Airport enhances its appeal.
- Other ongoing and completed developments in Raleigh include Town Triangle Crossing and The Strand in North Hills.
- North Carolina ranks fourth nationwide in apartment construction growth with 32,355 new units in 2024.
- The state’s average rent is approximately $1,534, compared to California’s $2,533.
- Raleigh experienced a 5.12% increase in new apartments in 2024, higher than the national average of 2.59%.
- The state was among the top five for inbound migration in 2024, spurring housing demand.
- The North Carolina General Assembly passed legislation protecting property rights against local downzoning efforts.
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Additional Resources
- Commercial Observer: KBS Sells Raleigh N.C. Apartment Complex for $132.5M
- CoStar: Town Triangle Crossing
- News Observer: Raleigh Real Estate News
- Carolina Journal: NC Added 32,000 Apartment Units in 2024
- Axios: Largest Triangle Developments in Construction 2025
Author: STAFF HERE RALEIGH WRITER
RALEIGH STAFF WRITER The RALEIGH STAFF WRITER represents the experienced team at HERERaleigh.com, your go-to source for actionable local news and information in Raleigh, Wake County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the North Carolina State Fair, Raleigh Arts Festival, and the Hopscotch Music Festival. Our coverage extends to key organizations like the Greater Raleigh Chamber of Commerce and Visit Raleigh, plus leading businesses in technology and education that power the local economy such as Red Hat and NC State University. As part of the broader HERE network, including HEREAsheville.com, HERECharlotte.com, HEREGreensboro.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
