Raleigh, N.C. — Denver-based investment group buys NC State Complex.
Raleigh, N.C. — CampusWorks and The Preiss Company have sold University Village at Raleigh to Cardinal Group Investment for $22.9 million. The 210-unit, 600-bed complex was acquired and rehabilitated by the joint venture in 2004. The property serves North Carolina State University.
ARA National Student Housing Co-Directors, Chris Bancroft and Chris Epp along with ARA North Carolina brokers Dean Smith, Sean Wood and Blake Oakland represented The Preiss Company in the transaction.
The buyer is an investment sponsor focusing on student housing and multifamily/mixed-use urban infill projects. This was Cardinal’s first purchase in North Carolina. Cardinal has changed the name of the asset to The U Raleigh, and the new property website is www.TheURaleigh.com