Croatan Investments has fully subscribed its debut Delaware statutory trust offering, Croatan North Oaks DST, after raising $12.3 million to acquire North Oaks Landing, a 200-unit, multifamily community located in Raleigh, North Carolina.
“We are proud to provide retail investors with access to institutional-quality real estate,” said Eric Smith, Managing Principal and Chief Investment Officer of Croatan. “With a combination of deep multifamily expertise and a strong16-year performance track record, we were well-positioned to expand our platform into the retail space. We specialize in identifying assets within attractive markets that often include opportunities to add value and increase operational effectiveness. This process results in investments that are well-suited for retail channels and deliver above market yields to our investors.”
North Oaks Landing is a garden-style apartment community situated on approximately 20 acres in North Raleigh, one of the Raleigh MSA’s most desirable submarkets and five miles from the center of Downtown Raleigh. The immediate surrounding area offers upscale residential housing, highly sought-after Wake County public schools, and access to the premier entertainment and retail centers in the region. The property also enjoys easy access to the major arterial beltways of the region via a scenic one-mile drive. Nearby major employment drivers include Downtown Raleigh, Duke University, UNC Chapel Hill, NC State University, the Research Triangle Park, and Raleigh-Durham International Airport.
Built in 1980 and fully renovated in 2016, North Oaks Landing is comprised of one- and two-bedroom units with an average unit size of 1,018 square feet. The community’s amenities include acres of landscaped green spaces, a resort-style swimming pool, business center, playground, clubhouse, and fitness center.