KBS has officially sold Park Central Apartments—a luxury high-rise residential community with ground-floor retail located in Raleigh, North Carolina—for $132.5 million. The buyer of the property is Fairfield Residential.
Originally developed as a joint venture between KBS and Kane Realty Corporation, Park Central Apartments broke ground in 2015 and was completed in 2017. It was among the first luxury high-rise apartment buildings introduced to the North Hills area. The development features 286 upscale apartment units situated above 36,000 square feet of retail space, which includes a variety of offerings such as casual dining options, fitness studios, and an ice cream and coffee shop.
The property boasts a premium amenities package, including a sky deck with a saltwater pool, a clubhouse, a sauna, a dog spa, a state-of-the-art fitness center, a conference center, and a dedicated parking garage.
KBS and Kane Realty have maintained a long-standing partnership in the North Hills area since 2013. Their collaboration has led to the successful development and strategic sale of several marquee projects, including Midtown Plaza and CAPTRUST Tower.
John Munroe of Newmark brokered the sale on behalf of KBS.
