Boston-based TA Realty buys Raleigh apartment complex for $115M 

TA Realty, a Boston-based investment firm, has acquired the Solis Hills Apartments in the Oberlin neighborhood of Raleigh, North Carolina, for $114.5 million.

The apartment complex, built in 2022 by Charlotte developer Terwilliger Pappas, has 315 units with a mix of studio, one-, two-, and three-bedroom apartments that go from 550 to 1,570 square feet, the Triangle Business Journal reported. 

Rent for the units falls between $1,650 and $3,550 per month at the moment.

The apartments have stainless steel appliances, granite countertops, washers and dryers in the units, built-in wood closet shelving and keyless fob entry. There are also amenities: swimming pool, fitness center, yoga studio, gaming and entertainment rooms, coworking spaces and courtyards that have TVs, grills and fire pits. The residents also get access to perks like discounts and rewards at restaurants and stores in Raleigh. 

The acquisition reflects the continued interest in Raleigh’s growing real estate market. The new ownership has not mentioned any changes to the complex or to rent levels.

The Oberlin neighborhood is undergoing significant transformation, with various developers working on projects such as apartments, luxury senior living communities, condos, townhomes, cottages, single-family homes and retail spaces

North Carolina is seeing new developments statewide.

In June, Washington, D.C.-based developer Hoffman and Associates announced it was making its first foray into Charlotte, the Charlotte Observer reported. Not satisfied with one project, Hoffman is debuting with two projects, both in the same neighborhood and even on the same street.

At 2401 Distribution Street in the Brookhill area of the South End neighborhood, Hoffman is planning a 410-unit building with 5,000 square feet of retail space. Construction will begin in spring 2025 and be delivered by summer 2027.

On the slightly smaller side, Hoffman is planning a 330-unit building with 10,000 square feet of communal space at 2500 Distribution Street. That six-story building will actually break ground first, and work is expected to start in the spring and end in two years.

Combined, the two buildings will span more than 800,000 square feet and deliver 740 units to the area.

— Ted Glanzer