According to property records, Landmark Properties of Athens, GA, has acquired six parcels along Raleigh’s Hillsborough St., including the historic N.C. Equipment Co. building, for $10.75 million.
The property, to be called The Standard at Raleigh, is near the campuses of both N.C. State University and Meredith College.
According to Triangle Business Journal, while details of Landmark’s new plan for the site aren’t firm yet, it is understood that the company plans to max out the project at 650 student housing beds once complete, instead of the original plan proposed in November for 775 beds. The project is slated to open in fall 2018.
Trinity Partners represented the seller and landowner, Rosemary Developments LLC, in the sale, which includes Red Hat founder and Lulu co-owner Bob Young.
“After nearly a decade of ownership, our client recognized the property’s potential highest and best use had elevated beyond the current needs of Lulu.com,” Mark Alviano, director of investment sales at Trinity Partners said in a news release about the deal. “Our evaluation clearly indicated the asset offered exceptional value to the nation’s top student housing developers.”
“It’s a really hot market, and people are taking the opportunities that are available to them,” says Jeff Murison, executive director of the Hillsborough Street Community Service Corp. The city is slated to begin construction of about $13 million in street realignment and streetscape improvements along Hillsborough St. in mid-June.
During 2016 Landmark will have multiple student housing projects under construction across the country valued at an aggregate of $1.2 billion and totaling more than 10,000 beds. These starts include three developments in Tampa; College Station, Texas; and Raleigh that will add 2,000 beds in the fall of 2017 and 2018.