**Kane Realty Acquires Raleigh Property for $72.3M, Plans Major Mixed-Use Redevelopment**
FCP has sold a prominent office and apartment property in Raleigh, North Carolina, for $72.3 million. Kane Realty acquired both The Pointe at Midtown, a 365-unit multifamily community, and Grove Towers—a 115,413-square-foot office building located just five miles north of downtown Raleigh and approximately two miles from the North Hills redevelopment.
According to the Triangle Business Journal, FCP originally purchased the site for $37.1 million five years ago.
Kane Realty plans to demolish the existing structures and replace them with a large-scale mixed-use development. The City of Raleigh has already approved a rezoning that allows for the construction of 37-story towers on the site.
The approved rezoning permits Kane to develop up to 2,521 multifamily units, 1.7 million square feet of office and medical space, and 263,465 square feet of retail.
With this acquisition, Kane Realty continues to expand its strong presence in the Raleigh metro area, where the company currently owns over 4,200 multifamily units at various stages of development.
