Subject: RLE
Drucker + Falk Closes $39MM Deal in Raleigh, North Carolina
DF Ventures Acquires VERT at Six Forks Apartment Community
NEWPORT NEWS, Va. , June 15, 2022 /PRNewswire-PRWeb/ -- DF Ventures, a business unit of Drucker + Falk, one of the nation's most prominent multifamily management companies, sponsored the acquisition of VERT at Six Forks Apartments in Raleigh, NC for $39MM in May 2022.
A garden-style community built in 1986, VERT at Six Forks features newly renovated one- and two-bedroom apartments, a resort-style pool, resident clubhouse, business center, fitness center, and bark park. Minutes from downtown Raleigh, the community's convenient location provides quick access to top-rated schools, employment, and entertainment centers throughout the Triangle region. Being positioned strategically along Six Forks Road, VERT at Six Forks is also close to I-540 and I-440 and the North Hills area. North Hills, Raleigh's burgeoning Midtown district, is an award winning, mixed-use, high-density development which includes high-end retail, Class A office buildings, hotels, restaurants, and a large outdoor commons area which features events including concerts, festivals, and a farmer's market.
The acquisition of VERT at Six Forks completes a strategic 1031 exchange for a Partnership which Drucker + Falk syndicated over 50 years ago. The Georgetown Square Partnership developed and owned Tanglewood Apartments in Petersburg, VA from 1971 until recently. The original investment performed extremely well and, in conjunction with the sale of Tanglewood Apartments which closed in January of 2022, DF Ventures successfully sourced two replacement properties in North Raleigh, VERT at Six Forks and Sommerset Place Apartments, which Georgetown Square acquired in May 2022 and November 2021, respectively.
"This was a great opportunity to purchase a well-located, quality apartment community within the growing Raleigh market. Since DF Multifamily had successfully managed the community for the past three years, we were intimately familiar with the property. We would like to thank our client and the seller, Republic Properties Corporation, for the opportunity to partner with them as their third-party management company to successfully achieve their investment objectives, and for the opportunity to purchase the community when they chose to sell" said Kellie Falk, Managing Director of Drucker + Falk.
ABOUT DRUCKER + FALK
Founded in 1938, Drucker + Falk is a full-service real estate and investment firm managing a diverse portfolio of approximately 40,000 apartment homes and 3,000,000 square feet of office, retail, and industrial properties in twelve states. In addition to managing a broad range of properties, including class A+ to affordable apartment communities, mixed-use and all types of commercial properties, Drucker + Falk offers commercial leasing and sales services and partners with clients on developing new properties, renovating and repositioning assets, converting historic properties to unique, upscale apartment homes. For more information visit Drucker + Falk.
Media Contact
Amanda McCrowell, Drucker + Falk, 757-406-1187, [email protected]
SOURCE Drucker + Falk
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