Raleigh firm flips apartments near NC State in $13M deal

A Raleigh real estate investment firm has acquired Pullen Station Loft Apartments for $13.35 million.

Jays Properties purchased the 100-unit property at 211 Ashe Ave. from Raleigh real estate firm CityPlat earlier this month. CityPlat, through its principal Vincenzo Verdinobought the 1.7 acres just south of Hillsborough Street last August for $8.25 million.

Built in 1984, the single-story, studio-style, single-row apartment complex features a playground, a picnic area and laundry facilities.

Verdino said that during the time CityPlat owned the property his firm did a heavy overhaul including renovation of the parking lot, new landscaping, updated exterior painting and new gutters. As for the unit upgrades, most apartments were remodeled including a conversion to LED lighting and installation of a modern security system, he added.

Apurva Shah, co-founder and managing partner of Jays Properties, said it was a unique off-market opportunity for a property that is ideally located between N.C. State University and the skyscrapers of downtown Raleigh.

“Pullen Station is perfectly positioned and has tremendous potential to benefit from the organic growth of Raleigh population and demand for urban housing,” he said.

Shah added that his firm is committed to affordable housing units in the Triangle. Jays Properties’ current portfolio has eight North Carolina properties including the 31-unit Edgemont Mobile Home Park in Wendell and the 39-unit Long’s Mobile Home Park in Zebulon.

In addition to Jays Properties, which was founded in 2019, Shah is the president of Liberty Solutions, a real estate company founded in 2018 and that has managed more than $30 million in real estate assets.

Kyle Gonzalez of Avison Young represented the buyer in the Pullen Station Loft transaction.

The seller, CityPlat, has four multi-family/retail complexes and one multi-family unit complex under planning with the projects expected completions ranging through 2024. They include three Hillsborough Street projects – The Turnhill, The Turnhill II and Hillsborough Pointe.

June 9, 2022