KBS has sold Park Central Apartments, a 286-unit luxury high-rise apartment community with ground-floor retail in Raleigh, N.C., for $132.5 million. The buyer was Fairfield Residential.
“Since delivering the property in 2017, North Hills has evolved into a vibrant, vertically expanding urban district,” said Marc DeLuca, KBS’ CEO and regional president, Eastern United States. “Our strategy continues to prioritize alignment with best-in-class partners, like Kane and long-term value creation in markets poised for outsized growth.”
KBS, in a joint venture with Kane Realty Corp., began developing Park Central Apartments in 2015 and delivered one of the first high-rise luxury residential buildings in North Hills, a flourishing neighborhood in Midtown Raleigh, in 2017.
The property features 286 luxury apartments above 36,000 square feet of curated retail, including, casual dining restaurant Happy + Hale, fitness studios Midtown Yoga and Orangetheory, Kilwins
