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Multi-Employer Property Trust Pays $67.8M for 283-Unit Sojourn Lake Boone

Grubb Ventures, Walton Street Capital JV Sells 212,250-SF Luxury Apts in Raleigh
January 25, 2018
Multi-Employer Property Trust, an open-end commingled real estate equity fund based in the Washington, DC metropolitan area, acquired the 283-unit Sojourn Lake Boone in Raleigh, NC from a joint venture between Grubb Ventures LLC and Walton Street Capital LLC for $67.8 million, or approximately $240,000 per unit.

Grubb developed Sojourn Lake Boone in 2016 along with other multifamily communities in Raleigh, including the 186-unit Carolinian on Glenwood and the 244-unit 401 Oberlin.

Located near Interstate 440 at 3712 Horton St., the 212,250-square-foot apartment community spans across eight buildings and features 132 one-, 125 two- and 26 three-bedroom units. Community amenities include a conference room, courtyard, fitness center, playground and pool.

At the time of the sale, the asset was 90 percent occupied.

Andrea Howard, John Currin, and Jim Sewell of JLL brokered the sale on behalf of the buyer.

Please see CoStar COMPS #4111213 for more information on this transaction.
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