RALEIGH, NC – Township Capital and The Preiss Company announced the acquisition of Trilogy Cameron Village and The Greens at Tryon, two apartment buildings in Raleigh, North Carolina. This double real estate deal marks the fifth and sixth acquisitions of Township with The Preiss Company.
"Securing these two assets together has been an inimitable opportunity," said Susan Folckemer, chief acquisitions and development officer for The Preiss Company. "We are delighted to be working with Township Capital again to secure core investment assets in a market that is critical to any of our strategies."
Trilogy Cameron Village ("Trilogy"), built in 2020, is an A + Class Asset. It offers modern studio, 1-, 2- and 3-bedroom apartments with amenities such as a chef-inspired kitchen and a private balcony. Trilogy is located in one of the most popular neighborhoods in Raleigh. Its location is a walker's paradise with a Walk Score of 92 and access to five-star shopping and luxury cafes within a six block radius.
The Greens at Tryon is a three story, garden style apartment building built in 2000. Located in the heart of Raleigh, The Greens at Tryon offers large floor plans with high ceilings and communal facilities such as a gym, basketball and volleyball courts, dog park and pool. As part of the existing value-add strategy, renovations are planned to upgrade the vintage Class B asset to Class A.
The two assets each have over 200 units and a utilization of over 90%. Both properties are in close proximity to downtown Raleigh and North Carolina State University.
According to the SmartAsset study in 2021, Raleigh ranks 13th. The pandemic played a role in increased migration to secondary markets outside of larger cities.
"Township's ongoing relationship with The Preiss Company enables us to provide our investors with world-class investment opportunities such as these two apartment buildings," said Matthew Gorelik, CEO of Township Capital. "The success of the collaboration is the result of our ability to align our strategies and apply that momentum to different types of business."
With its unique passive co-GP model, Township Capital continues to offer its investors world-class investment opportunities. In the course of 2021, Township expanded its portfolio in the multi-family sector and acquired several value-added properties together with its partners. The company continues to seek opportunities to add value that are in line with its strategy and generate reasonable returns for its investors.