Washington D.C.– January 12, 2016– Lincoln Property Company (http://www.lincolnapts.com/), the nation’s second-largest multifamily manager, announced the acquisition of Sterling Forest Apartments in Raleigh, North Carolina. The acquisition is a joint venture with Ritz Banc Group, private equity, and alternative asset management firm out of D.C.
Sterling Forest houses 178 units within walking distance to Whole Foods and in close proximity to employment centers and retail pockets along Six Forks Road. Constructed in 1986, the garden-style apartment sits on 17.4 acres in North Hills and is comprised of 32 individual buildings. It has seen steady rent growth due to new A-class luxury developments that have raised the rent ceiling in the area.
Ted Egner, Lincoln’s Director of Acquisitions in the mid-Atlantic, stated “Lincoln is excited to have a greater stake in the Raleigh market. The acquisition of Sterling Forest, in addition to Lincoln’s management of the community, is predicted to be a success, especially considering that the asset has maintained high occupancy rates in the past.”
Lincoln Property Company manages over 450 apartment communities and continues to selectively acquire apartments throughout the United States.