RALEIGH, N.C. – May 4, 2021 – A fund sponsored by CBRE Global Investors has acquired a 318-unit multifamily community located in a suburb of Raleigh, N.C. The asset, known as Residences at Shiloh Crossing, is located at 3000 Dominion Ridge Circle in Morrisville, N.C., and is centrally located within the Chapel Hill, Durham and Raleigh ”Triangle.” All three metros are within a 25-minute drive of the property.
Residences at Shiloh Crossing is a garden-style community that was completed in 2020 and spans six buildings with a mix of studio, one-, two- and three-bedroom apartments. Units offer high-end finishes, including stainless-steel appliances, quartz countertops, private outdoor spaces, faux wood flooring and nine-foot ceiling heights. Residents have access to an impressive amenity collection that includes a clubhouse; a resort-style pool; two outdoor fireplaces with lounge areas; grilling stations; a fitness center and yoga studio; a playground; and generous outdoor green space. There are 18 detached parking garages that residents can access as well.
“We believe that the Residences at Shiloh Crossing’s low-density 36-acre site, its garden-style design, and the property’s generous green space are long-term differentiating factors that will help drive leasing. The property’s initial lease-up has demonstrated strong demand from the area’s highly skilled employment base and we believe that the asset quality and the targeted rental price point will keep the asset competitive relative to other new construction,” said Steve Gullo, Head of Residential – Americas Real Estate Division with CBRE Global Investors.
Larissa Belova, Senior Director and Deputy Portfolio Manager for CBRE Global Investors added, “With Durham, Raleigh and Chapel Hill all within an easy commute of the asset, we plan to install a new property management team that will leverage the location and its proximity to the area’s key employment and education hubs. We believe that the location, coupled with the unit mix and robust amenity suite, will help attract a variety of renters to Residences at Shiloh Crossing, including university students, working professionals and young families.”
Residences at Shiloh Crossing offers convenient access to I-540 and I-40 and is a 10-minute drive from the Raleigh-Durham International Airport and the Research Triangle Park, the largest research park in the United States, with over 250 companies and 55,000+ jobs across the education, medical, life sciences and tech sectors. The property’s location also provides accessibility to the area’s three major research universities; University of North Carolina at Chapel Hill, Duke University and North Carolina State University.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.