Barings and Foulger Pratt close acquisition of $50m BTR community in Raleigh
Barings has announced its joint venture with Foulger Pratt to acquire a 172-unit build-to-rent (BTR) community in the Raleigh, N.C., metropolitan area. The $50 million-plus acquisition marks Barings’ entrance into the BTR market.
“We believe build-to-rent is one of the fastest growing segments of the housing market given demographic trends, evolving consumer preferences and a national housing shortage,” said Joe Gorin, head of U.S. real estate equity at Barings.
The community will consist of 89 townhomes and 83 single-family detached units situated on 39 acres in Wendell, N.C. – located just east of Raleigh. The initial deliveries of homes are expected to be available for lease in the first half of 2024.
“We anticipate strong job, population and household growth in this emerging submarket and believe this property will be well positioned to offer an affordable rent alternative, a high quality of life, as well as easy access to key employment centers an