HFF announces the $3.935 million sale of an 8.49-acre parcel within the larger 51.32-acre St. Albans at Midtown development site near North Hills in Raleigh, North Carolina. Located at 901 St. Albans Drive, this is the final site closed from the St. Albans at Midtown portfolio that totaled four separate transactions.
The HFF team marketed the offering on behalf of the seller, Wells Fargo Bank, acting as Trustee for a local family, and Henry Sink and Richard Williams, acting as Co-Trustees for another local family. A development joint venture between NorthView Partners, led by Mark Barker and Frank Morisey, and Navion Senior Solutions, led by Steve Morton and Arick Morton, purchased the parcel free and clear of existing debt.
NorthView and Navion plan to build The Reserve at North Hills, a five-story, 189-unit senior living community that will include independent living, assisted living and memory care. Amenities will include a full-service restaurant, coffee bistro, indoor aquatics center, fitness and rehab facility, and pharmacy. NorthView Construction, led by Michael Peele, will serve as the general contractor, and Navion will be the operator once the property is completed.
The St. Albans at Midtown development site is situated less than half of a mile from the terminus of North Hills, a growing area of Midtown Raleigh that has nearly 1.1 million square feet of office space, more than 1,800 multifamily units either completed or underway, and more than one million square feet of retail. The development is also less than half of a mile from Interstate 440 and, in addition to North Hills, is proximate to executive housing in North Raleigh, the tech hub of downtown Raleigh and Duke Raleigh Hospital.
The HFF investment advisory team representing the seller included managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Sarah Godwin.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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