MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse in downtown Durham, N.C., on behalf of Munich Re Group.
The 247-unit class A mid-rise residential property is located at 530 Foster Street. Embedded in Raleigh/Durham’s Technology/Life Science corridor near three top universities — Duke, the University of North Carolina at Chapel Hill and North Carolina State University — the property includes 20,700 square feet of fully leased ground-floor retail and is in walking distance to major employers and Durham’s entertainment district.
This investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market.
“Located in the heart of downtown Durham, Liberty Warehouse is a strategic addition to Munich Re’s growing U.S. residential portfolio,” said Volker Zinkl, MEAG’s head of real estate asset management international. “We believe in the lo
