Morgan Stanley Acquires Novo Blue Ridge Apartments In $73.65M Deal

The Novo Blue Ridge apartments, located at 601 McCaw Bridge St in Raleigh's Blue Ridge Corridor, have been acquired by Thomas E. Faust, Jr of Eaton Vance Management for $73.65 million. The multifamily property spans across 11 acres and consists of 280 units, with each unit valued at approximately $263,036.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $73,650,000
• Address: 601 McCaw Bridge St, Raleigh, NC
• Market: Raleigh, NC
• Acres: 11

Eaton Vance Management, a part of Morgan Stanley Investment Management, made the acquisition of the Novo Blue Ridge apartments. The deal was facilitated by the brokers Alex Okulski, Brenna Campbell, Dean Smith, Jason Kon, John Heimburger, John Munroe, and Sean Wood from Newmark.

With this transaction, Eaton Vance Management expands its portfolio in Raleigh, NC, adding the Novo Blue Ridge apartments to its list of properties. The acquisition signifies further growth and investment in the Blue Ridge Corridor.