A joint venture between Stiles Residential Group, a division of Fort Lauderdale, Fla.-based Stiles, and Raleigh, N.C.-based Grubb Ventures has sold The Carolinian, a new 186-unit, mid-rise luxury apartment community in Raleigh. The sale price remains undisclosed. The building was purchased by CUSA N.C. Holdings, L.P., an affiliate of Camden Property Trust. SRG and Grubb Ventures completed the community, which is about 4 miles northwest of downtown Raleigh, in 2017.
“The Carolinian is a generational asset in an irreplaceable location,” said Jeff McDonough, president of Stiles Residential Group. “We are extremely pleased to have had the opportunity to develop this project in partnership with the Grubb Ventures team, one of the leading developers in Raleigh, after an extensive effort by the Grubb team to acquire the land for development.”
The building’s unit mix includes studio, one-, two-, and three-bedroom units ranging from 600 square feet to more than 1,700 square feet complete with high-end condominium-level finishes and appliances. Amenities include underground parking, private gated access, an expansive sun deck with a saltwater pool and entertainment area, an outdoor rooftop lounge, a fitness center and yoga studio, a pet grooming spa, and three expansive resident lounges. JDavis Architects designed the project, and Clancy & Theys served as the general contractor.
“The Carolinian set a new benchmark of luxury living for this market,” said Gordon Grubb, president of Grubb Ventures. “Camden has a long-term investment horizon, a rich history in developing, acquiring, and managing trophy assets, and a strong reputation for being good stewards of the communities in which they work. We are confident they will maintain a high standard that will match the quality of The Carolinian.”
