Upscale Raleigh apartments in Glenwood Place net $83M from Denver group

Jan 17, 2020

A real estate investment firm has expanded its footprint in Glenwood Place with the purchase of upscale apartments earlier this week.

Denver-based Ascentris Real Estate bought the 296-unit Sojourn Glenwood Place for $83.8 million – or $283,155 per unit. The property is situated at 3710 Exchange Glenwood Place off Glenwood Avenue just inside the beltline and down the road from the Crabtree Valley Mall and north of the Carolina Country Club.

The Sojourn apartments were developed in 2016 by Grubb Ventures and its equity partner, Walton Street Capital of Chicago. The community features studio, one-, two- and three-bedroom apartments with rents ranging from $1,224 a month to $3,005, according to Amenities include a saltwater swimming pool, mediation garden, yoga room, fitness center, outdoor and a resident entertainment pavilion with grill areas.

Last February, Ascentris bought the 3700 Glenwood office building for $30 million. The private-equity company holds a wide range of properties, including retail and industrial, across the country. It also has multiple properties in Charlotte.

Glenwood Place is a 40-acre mixed-use destination developed over a period of years by Grubb Ventures. The complex features a collection of office and mixed-use buildings with construction ongoing. Grubb Ventures is currently working on 3800 Glenwood, a 118,000-square-foot building featuring 109,000 square feet of Class A office space and 9,000 square feet of ground-floor restaurant space.

Grubb Ventures built the 3700 Glenwood building in 2007. It features 117,000 square feet of office space and is a cornerstone of Glenwood Place. At the time it was sold, Grubb said it would keep a minority stake in the building and continue to handle marketing and leasing.

The Sojourn Glenwood Place apartments is the latest in a series of properties developed by Grubb Ventures that have sold in recent months.

In December, Grubb and Florida-based Stiles Residential Group sold The Carolinian, a 186-unit complex at 2600 Glenwood Avenue at Oberlin Road. The property sold for $75 million - or $403,225 per unit.

The company has also put 6.5 acres of its land under contract with Liberty Senior Living for the development of a new retirement home on Oberlin Road. A rezoning request has been submitted to the city to allow for a complex up to five stories.

Caleb Harshberger

Staff Writer

Triangle Business Journal