Ascentris, on behalf of a fund it manages, has expanded its relationship with Grubb Ventures through the acquisition of Sojourn and an additional land parcel within the vibrant mixed-used community of Glenwood Place located in Raleigh, N.C.
Sojourn consists of an existing 296-unit, class A multifamily property that the partnership will own and operate while it develops The Residences, a 278-unit, class A multifamily property on the additional parcel.
The Ascentris/Grubb partnership originated in December 2018 with the acquisition of 3700 Glenwood, a 112,000–square-foot office building developed in 2007, and the development of 3800 Glenwood, a 114–square-foot class A office building scheduled to deliver nearly 50 percent preleased in early 2020. When combined and fully developed, the partnership will own 214,000 square feet of office, 574 multifamily units and 37,000 square feet of retail within Glenwood Place.
Grubb Ventures acquired the 40-acre Glenwood Pla
