**Kane Realty Acquires Raleigh Properties for $72.3M, Plans Major Mixed-Use Redevelopment**
Kane Realty has acquired two key properties in Raleigh, North Carolina, for a combined $72.3 million. The purchase includes The Pointe at Midtown, a 365-unit multifamily community, and Grove Towers, a 115,413-square-foot office asset.
FCP, the former owner, originally purchased the properties for $37.1 million five years ago.
Kane Realty plans to demolish both properties and move forward with a large-scale mixed-use redevelopment. The City of Raleigh has already approved rezoning that allows for the construction of towers up to 37 stories in height. The new development could include up to 2,521 multifamily units, 1.7 million square feet of office and medical space, and 263,465 square feet of retail space.
The site is located approximately five miles north of downtown Raleigh and about two miles from the rapidly evolving North Hills area. Kane Realty currently holds over 4,200 multifamily units across various stages of development in the Raleigh metro area.
