Continental acquires $61m multifamily asset in Raleigh

Continental Realty Corporation has closed on the purchase of a Raleigh, North Carolina multifamily asset in a $61 million transaction. Constructed in 2016, The Edison Lofts is a 223 unit apartment community located at 131 E. Davie Street which changed hands for just over $273,540 per unit. Sean Wood of ARA Newmark in Charlotte, North Carolina initiated the off-market transaction on behalf of the seller, the NRP Group. The acquisition marks Continental first acquisition in the greater Raleigh area.