FCP acquires apartment community in Raleigh, N.C, for $33m

FCP has acquired the Trails of North Hills, a 279-unit apartment community near North Hills area in Raleigh, N.C., for $33.3 million. The Trails of North Hills Apartments are adjacent to the Crabtree/Mine Creek Greenway trail and enjoy immediate access to retail and employment centers.

“Both the Crabtree and North Hills submarkets continue to see very healthy mixed-use development, leading to even more demand for nearby workforce housing,” said Alex Cathcart, vice president with FCP. “The Trails of North Hills Apartments, which consist of 82 percent two- and three-bedroom units, mostly townhomes, will be improved to better meet the needs of residents seeking affordable, quality housing near job centers, retail amenities and transportation corridors.” The acquisition of the Trails of North Hills marks FCP’s sixth investment in the North Hills market over the past eight years.

FCP has retained Pinnacle Management, which operates nine other FCP properties in th