Northmarq announces sale and financing of Legacy at Wakefield multifamily community

CHARLOTTE, N.C. (Oct. 6, 2023) — Northmarq’s Carolinas Multifamily Investment Sales team of Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark, John Currin and Sara Wagman completed the sale of Legacy at Wakefield. The 369-unit luxury apartment community was built in 2011 and is located at 14411 Calloway Gap Rd. in Raleigh, North Carolina. “Northmarq is pleased to have represented Carter Haston in the sale of Legacy at Wakefield to CBRE Investment Management,” said Glenn. “This sale garnered a record amount of investor interest given the scarcity of transactions in the first half of the year and the optimal deal profile with fully original unit interiors amidst one of the region’s most sought-after demographic pockets.” Northmarq’s Debt + Equity team of Faron Thompson, David Vinson and Grant Harris secured acquisition financing for the property. Northmarq secured the bridge loan on behalf of the borrower through PGIM Real Estate’s Trevor Arnholt. “CBRE Investment Management’s purchase and financing of Legacy at Wakefield demonstrates the continued availability of capital pursuing opportunities with strong sponsorship acquiring high-quality real estate,” said Harris. “The strength and depth of the financing pool for this transaction was encouraging to see amid a turbulent year.” “While 2023 has seen fewer acquisitions overall, it is transactions like Legacy at Wakefield in strong secondary markets where PGIM Real Estate’s core plus lending strategy is well positioned and can provide creative financing solutions,” added Arnholt. “We were glad to be able to offer competitive terms in a market like Raleigh, which continues to see tremendous population growth.” Legacy at Wakefield is a unique property in the Wakefield-Wake Forest submarket which has been experiencing a significant high-wage population growth. In addition to an attractive demographic profile, the area offers a strong school district and the master-planned Wakefield Plantation, a 2,200-acre community centered around a private golf course and country club. Legacy at Wakefield is situated just off Falls of Neuse Road (27,000 VPD) and Capital Boulevard (47,000 VPD), allowing residents easy access to the MSA’s largest employers such as WakeMed North Hospital and North Hills. The garden-style property features unique characteristics of an “early cycle build,” such as brick pavers throughout sidewalks and entranceways, masonry retaining walls and a mature tree canopy. Legacy at Wakefield boasts 16 buildings totaling 359,188 rentable sq. ft. and is situated on 26.53 acres. Renters can choose from one-, two- or three-bedroom apartment homes, ranging from 610 sq. ft. to 1,470 sq. ft. Apartment amenities include: Full-size washer/dryer, black appliances, laminate countertops, built-in computer desk, private patio/balcony, brushed nickel hardware and garden bathtubs. Community amenities include: Zero-entry swimming pool, grilling stations, fireplace lounge with screened veranda, 24-hour fitness center, dog park with agility equipment, resident clubhouse, car wash center and detached garages available. View available multifamily properties here. About PGIM Real Estate With $210 billion in gross assets under management and administration,1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com. 1 As of June 30, 2023. Net AUM is $133B and AUA is $49B. 2  Includes legacy lending through PGIM’s parent company, PFI.