Kane Realty Corp Acquires The Pointe At Midtown And Grove Towers In Raleigh For $72.3M

Kane Realty Corp has acquired two assets located at 835 Navaho Drive and 1110 Navaho Drive in Raleigh, NC, which consist of a 365-unit multi-family community and a 115,413-square-foot office building. The transaction was completed at a sale price of $72,300,000.

Summary of transaction details:

• Property Type: MultiFamily & Office
• Transaction Amount: $72,300,000
• Buyer: Kane Realty Corp
• Seller: FCP
• Market: Raleigh, NC
• Previous Sale Price by Seller: $37,100,000

Kane Realty plans to demolish and redevelop the acquired sites into a new mixed-use project, which is subject to city approval. The seller, FCP, initially purchased the assets five years prior to this transaction.