Charleston, South Carolina-based real estate giant Greystar has sold a 252-unit multifamily complex in Raleigh with easy access to Research Triangle Park.
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The Milo, developed by Greystar in 2024, sold to Foulger Pratt, a Potomac, Maryland-based development firm, for $64M, the Triangle Business Journal reported, citing Wake County deed records.
Foulger Pratt said in a Friday press release that the community’s location in West Raleigh gives residents convenient access to the nation’s largest research park, downtown Raleigh and a spate of employment, education and entertainment opportunities.
“The property’s quality of construction, thoughtful unit mix, and access to the region’s major employment centers make it a standout community, and we look forward to building on its success in the years ahead,” Foulger Pratt Chief Financial Officer Joe Clauser said in the release.
Foulger Pratt told the TBJ that the company’s acquisitions team had The Milo on its radar for a while and that growth in the Raleigh area around the Lenovo Center and a planned $1B sports and entertainment district, which is slated to begin construction this year, helped spur the investment.
A spokesperson for Greystar didn't immediately respond to Bisnow's request for comment.
Raleigh continues to be one of the Southeast’s most appealing markets for multifamily investment, according to a Lee & Associates report, with the second quarter showing strong leasing activity and stable rents. The vacancy rate was 9.4%, down from 10.6% in Q1. Asking rents averaged $1,575 per unit, slightly up from the first quarter.
Apartment inventory has risen 257% in downtown Raleigh since 2015, and 5,799 more units are planned or proposed, according to a Q2 report from the Downtown Raleigh Alliance. More than 1,700 units have been added downtown since the beginning of 2025, and tenants have absorbed 1,400 units.
Apartment rents for The Milo, which consists of eight three-story buildings, are between $1,446 and $2,671. The property is 96% leased, the TBJ reported.
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