CBRE IM separate account client acquires Liberty Warehouse in Durham, N.C.
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