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Inland Secures 304-Unit Alta Legacy Oaks in Suburban Raleigh

Wood Partners Sells Knightdale Community
December 7, 2017
Inland Private Capital Corp., one of the nation’s largest commercial real estate and finance groups, has acquired the 304-Unit Alta Legacy Oaks at 1150 Baxter Ln. in the east Raleigh suburb of Knightdale, NC from Wood Partners for $49.5 million, or about $163,000 per unit.

Alta Legacy Oaks is a garden-style multifamily community comprised of 84 one-, 172 two- and 48 three bedroom units, ranging from 744 to 1,502 square feet, in 14 three-story buildings. Currently 96% leased, the community offers residents on site access to a pool with sundeck, poolside outdoor kitchen, outdoor game lounge, fitness center, business center and a clubhouse.

The community delivered in 2009 roughly 1.5 miles from a major retail corridor home to Target, The Home Depot, Lowes Foods, Petco and Dick’s Sporting Goods, and roughly 15 minutes from the North Hills shopping center.

Kevin Kempf of CBRE brokered the sale on behalf of Wood Partners. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, and Brett Smith, assistant vice president and associate counsel of The Inland Real Estate Group's law department, represented Inland Capital in the acquisition.

“Ideally located near downtown Raleigh, North Hills, WakeMed Hospital and Research Triangle Park, the View at Legacy Oaks provides more than 118,000 residents within a five-mile radius with convenient access to a variety of medical, government, technology, banking and education employers in the area,” said Cosenza. “Combined with its significantly larger square footage offerings per unit and high quality community amenities, this property is an excellent example of the types of multifamily acquisitions we continue to seek out.”

The new owners have rebranded the community as View at Legacy Oaks.

Please see CoStar COMP #4057242 for more information on this transaction.
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