Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired a North Carolina apartment complex for $61 million.
The Edison Lofts, a 223-unit community in Raleigh, is Continental Realty's first property in that area. The deal appealed to Continental Realty because of the property's location at the center of a fast-growing metropolitan area that Continental executives think will see an influx of workers in the coming years, the firm's CEO, JM Schapiro, said in a statement.
"We are extremely familiar with the momentum and level of vitality occurring within Raleigh, which is considered one of the fastest growing metropolitan cities in the country," said JM Schapiro, CEO of Continental Realty Corporation.
The majority of Continental Realty's office, retail and residential properties are concentrated in Maryland. But the firm's $1.5 billion portfolio also includes dozens of properties in Virginia, North Carolina, South Carolina, Florida, Alabama and Missouri.
Continental Realty bought the Raleigh property from The NRP Group, which built the seven-story building in 2016.
Located at 131 E. Davie Street, the apartment community is close to major highways, for easy access to Raleigh-Durham International Airport and some of the biggest employers in the area, including Wells Fargo, Deloitte, KPMG, Citrix, Duke Energy and software company Red Hat.
"Our research suggests the continuing influx of highly-educated workers into the Raleigh region to take advantage of the burgeoning employment opportunities available from existing and new employers," Schapiro said in his statement.