Abacus Capital Group And BMC Investments Acquire Raleigh Multifamily Property For $73.1M

7880 Triangle Promenade Drive is a multifamily property located in Raleigh, NC, consisting of 339 units. The property was sold for $73.1 million, translating to approximately $215,634 per unit. The last recorded transaction for the property was at $53 million in 2018.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $73,100,000
• Buyer: Abacus Capital Group & BMC Investments
• Seller: Electra America
• Lender: Freddie Mac
• Units: 339
• PPU: $215,634

Newmark facilitated a $47.5 million loan from Freddie Mac for this transaction. This acquisition is recognized as a strategic investment by the buyers in the multifamily market.