A New York City-based real estate investment firm has laid a stake in prime real estate near North Carolina State University’s campus.
Vista Property Group purchased one of the last parts of the high-traffic corridor that hasn’t been redeveloped yet for nearly $4.2 million.
The property on the corner of Hillsborough and Shepherd streets is the site of a three-story apartment and retail building, the 39-year-old Piedmont Litho Inc. local printing business and a piece of adjacent land at 3126, 3120 and 3116 Hillsborough Street.
“I think we’re very open to [developing],” said Vista Property Group principal Hymie Mishan. “It is a natural choice to look into student housing off-campus there, but there are more options.”
Mishan said there aren’t immediate development plans since the properties are fully leased for a few years, but he plans to add value to them over time with site improvements. He did not disclose the lengths of the leases.
This is the company’s second investment in the Triangle, with the first the Courtyard Lofts student housing on West Franklin Street in Chapel Hill, another well-known student corridor. The firm’s website describes their investment focus as primarily in “irreplaceable properties in premier locations” in high-density areas.
“We’re absolutely ready to work within the greater Triangle since there’s so much happening here,” he said. “I’m a customer here and I’m more than happy to keep transacting.”
The properties, located in the heart of a retail and student housing area, haven’t changed owners in over 30 years, said Pat Moore of the Triangle brokerage firm CityPlat, who arranged the sale.
“This is some of the best real estate in Raleigh,” Moore said.
Hillsborough Street’s student housing density will continue to expand with construction that is set to finish this fall for The Standard and The Uncommon, two luxury student housing complexes within walking distance of the purchased property.