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The Hudson 5401 apartment complex in northeast Raleigh has sold for more than $100M, according to the Triangle Business Journal.
New Jersey-based Landmark Cos. acquired the property, which sits on 20.5 acres at 7760 Midtown Market Ave. near Interstate 540, from Hudson Capital Properties for $106M.
The complex boasts 454 units spanning 15 three-story buildings. It is reportedly 93% leased.
Landmark sought the acquisition of the apartments as an entry point into North Carolina. It sold a 10-property portfolio for $90M in New Jersey so it could reposition and diversify with the Raleigh purchase, the TBJ reported.
Landmark principal Eric Harvitt told the TBJ the firm hopes to diversify geographically. Previously, it only had properties in New Jersey and Florida.
The apartment complex, which was reportedly assessed at $98.75M, was built in phases, with the first delivering in 2020 and the most recent in 2023.
The TBJ reported it is the third apartment complex that has sold for more than $100M in the area in the last year. The Park Central apartments in North Hills sold for $132.5M in October, and the Peace Raleigh apartments in Smoky Hollow sold for $152M in March.
This year, the metro multifamily vacancy rate is projected to fall to 5%, marking Raleigh’s third consecutive year of tightening conditions, according to a Marcus & Millichap multifamily investment report.
Institutional investor growth in the area is expected to climb. Rent growth will remain subdued in 2026. The effective rent across the city is expected to rise 0.7% to $1,490 per month.
At the newly acquired Hudson 5401 apartments, rents start at about $1,180 for a one-bedroom space and go up to $1,980 for a three-bedroom unit, according to the complex's website.
Apartment sizes at the complex range from about 680 SF to 1,320 SF. The complex also features swimming pools, an outdoor lounge with a fireplace, grilling stations, a dog park, fitness centers, a game room and electric vehicle charging stations.
Hudson Capital Properties is reportedly building a 226-unit apartment building with 10K SF of ground-level retail at 7740 Midtown Market Ave., next to Hudson 5401.
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