Magma Equities purchases Richmond Hills, a 1970s vintage apartment community for value-add in Raleigh, NC
JLL Capital Markets closed the 51-unit multi-housing sale on behalf of Magma Equities
CHARLOTTE, May 14, 2021 – JLL Capital Markets announced today it closed a $6.2 million sale of 51 existing multi-housing units in the Richmond Hills multi-housing community located at 2251 Charles Dr. in Raleigh, North Carolina.
JLL represented the seller, EYC Companies, LLC, to complete the sale to the buyer, Magma Equities.
The community will undergo a renovation with updated countertops and kitchen cabinets, pool revitalization, and exterior renovations in the next year. Sitting on 5.19 acres, the existing 51-unit apartment property is also entitled for up to 330 units of multi-housing for a potential future redevelopment.
The infill property is also just a half a mile from I-440/Raleigh Beltline and 3.5 miles from I-40, allowing direct access to key employment and entertainment hubs like North Hills and Downtown Raleigh. Additionally, the property is located across the street from Crabtree Valley Mall, which offers over 150 national retail options.
The JLL Capital Markets team representing the seller was led by Director Sarah Godwin.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About EYC Companies
EYC Companies is a privately held, vertically integrated real estate firm based in the Carolinas and specializing in the development of residential and mixed-use communities. With over 25 years’ experience, EYC has consistently delivered “best in class” living in select and dynamic markets throughout the Southeast with a keen eye toward meeting and exceeding the evolving demands of an increasingly sophisticated customer. Since first quarter 2020, EYC has launched the construction of $87 million in new multifamily and single-family-for-rent communities and closed on the sale of $51 million in portfolio projects. For further information, visit www.eyccompanies.com.
About Magma Equities
Manhattan Beach, CA-based Magma Equities (http://www.magmaequities.com) is a diversified real estate organization focused on re-positioning Class B apartment communities throughout the country. We strive to maximize returns for investors while providing our residents with homes that are environmentally friendly, efficient, and state-of-the-art. Investment decisions are based on our successful experience in the past, and more importantly, our vision for the future.