Two north Raleigh apartment complexes bring in nearly $60M

By Ben Graham  –  Staff Writer, Triangle Business Journal
Two apartment complexes in north Raleigh have sold in the past week, hauling in a total of $58.6 million and capping off a busy quarter for apartment acquisitions in the Triangle.

The first sale, a 27-acre property with 226 garden-style units, went for $25.6 million to subsidiaries of Dasmen Residential, a multifamily real estate owner and operator from New York, according to Wake County property records.

The complex, called Crossroads North Hills, was built in 1985. Damen bought it from American Residential Investment Management. The company previously bought the property in 2014 for $17 million.

Just five miles away, a 384-unit complex on 39 acres fetched $33 million. JEM Holdings, of New York City, purchased the apartments, named the Lexington on the Green, from a subsidiary of a giant, international real estate firm called Starwood Capital Group. The complex dates back to 1973.

Both Dasmen and JEM already have a presence in the Triangle. In August, Dasmen bought Bainbridge in the Park, a 216-unit complex in Durham, for $22 million.

JEM has made multiple investments in the area recently, including a purchase of the apartment complex across the street from the Lexington, called the Grove, last summer. The company also purchased two Durham apartment communities earlier this year.

Like many of the outside investors parking capital in the Triangle’s real estate market, JEM owner Mikael Levy touted the region’s university system and strong tech-based economy. “We are very bullish on Raleigh-Durham,” he says. His firm now has nearly 2,000 units in the Triangle.

Just last week, a 319-unit complex in Cary sold for $50.5 million. Similar deals have been taking place across the Triangle.