CBRE Investment Management Fund Acquires Class A Residential Property in Raleigh, North Carolina
August 8, 2023
CBRE Strategic Partners U.S. Value 9 has acquired The Legacy at Wakefield, a 369-unit residential property located at 14411 Calloway Gap Road, Raleigh, North Carolina.
The Legacy at Wakefield is a Class A, garden-style apartment property that features one-, two- and three-bedroom units with 42-inch cherry cabinets, walk-in laundry rooms with full-size washers and dryers, private patios/balconies, and built-in desks with shelving in select units. Residents have access to various community amenities including a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.
“Acquiring this residential asset fits within our strategy of investing in high-quality properties located in markets that have strong economic fundamentals and rapid growth trajectories. We believe that the Legacy at Wakefield’s desirable location in a high-growth northern Raleigh suburb, with its access to a thriving community and major employment and research institutions, will provide long-term value for the residents and our investors,” said Ben Green, Managing Director, Residential Transactions for CBRE Investment Management.
The team plans to implement its proprietary Above & Beyond for Living tenant service and amenity program and enhance the building through a comprehensive unit interior renovation and common areas upgrade program.
The Legacy at Wakefield benefits from proximity to major thoroughfares providing convenient connectivity to the major business and research nodes of Downtown Raleigh and Research Triangle Park. CBRE ranked Raleigh as number seven on its list of the Top U.S. Markets for Life Sciences Research Talent in 2023.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $147.6 billion in assets under management* as of June 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.