Taurus Investment Holdings, LLC, a private global real estate investment firm headquartered in Boston, MA, announced today the acquisition of Olde Raleigh, from Chaucer Creek Capital for a purchase price of $33,500,000. The community, built in 1994, is a 228-unit garden-style apartment complex located in the Northwest Raleigh submarket of Raleigh, North Carolina. Sean Wood, of ARA Newmark marketed the property for sale on behalf of Chaucer Creek Capital.
“We are excited about our latest acquisition and entering the North Carolina multifamily market,” says Peter Merrigan, CEO of Taurus. “At Olde Raleigh, we saw an opportunity to renovate an already established development with improved apartment finishes and additional amenities. When combined with the area’s top-tier education institutions, nearby retail, and easy access to major employment nodes, we look forward to actively expanding our operating presence in North Carolina, and are confident in Northwest Raleigh’s fundamentals.”
Located at 4000 Grand Manor Drive, the 13.6acre apartment complex is situated less than 10 miles from downtown Raleigh. With interstates 40 and 440 providing access to Research Triangle Park (encompassing over 7,000 acres, and considered one of the largest research parks in the world), as well as major lifestyle centers, and with a medical submarket less than 5 minutes away, Olde Raleigh residents have easy access to “The Triangle” (consisting of Raleigh, Durham, and Chapel Hill) in North Carolina.
About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a Real Estate Private Equity Company and active deal participant in thirty markets around the world. Through fully owned local subsidiaries (regional office model) such as advisory, property management and value add development companies, Taurus, together with its international private investors and strategic joint venture partners, leverages its local market proficiency and performance record to capitalize on select investment opportunities. www.tiholdings.com.