RALEIGH, N.C. — KBS has sold Park Central Apartments, a 286-unit luxury high-rise community with ground-floor retail in Raleigh, to Fairfield Residential for $132.5 million. KBS developed the property with partner Raleigh-based Kane Realty Corp., delivering it in 2017. According to KBS, it is the first high-rise in Raleigh’s North Hills neighborhood.
Amenities include a sky deck with a saltwater pool, a clubhouse, sauna, a dog spa, fitness and conference centers and a parking garage for residents. The units sit above 36,000 square feet of retail, including, casual dining restaurant Happy + Hale, fitness studios Midtown Yoga and Orangetheory, Kilwins ice cream shop and Jubala Coffee.
Newport Beach, California-based KBS and Kane Realty have partnered on other projects in the North Hills area since 2013, including the development and dispositions of Midtown Plaza and CAPTRUST Tower. John Munroe of Newmark represented KBS in the disposition of Park Central Apartments. Fairfield is based in San Diego.