Barings and Foulger Pratt, joint venture partners in real estate investment, have acquired a 172-unit build-to-rent community in the Raleigh area. The purchase price for this under-construction project located in Wendell, a suburb of Raleigh, was over $50 million from an undisclosed seller.
The development is expected to be completed by July 2026 with the first units available for lease by mid-2024. It will feature 89 townhomes and 83 single-family detached units on a spacious 39-acre site just outside of downtown Raleigh.
Amenities at this new community will include a pool, covered parking area, dog park, playgrounds and walking trails. Additionally there will be two pocket parks with multi-use fields as well as bike lanes and mail kiosks for residents’ convenience.
This marks Barings’ initial entry into the BTR market within the growing Raleigh metro region while Foulger Pratt’s existing portfolio boasts over seven hundred homes. This acquisition further solidifies their commitment to investing in high-quality residential properties that meet market demand.
