RALEIGH, North Carolina (October 1, 2025) – KBS, one of the largest owners and operators of premier commercial real estate assets in the nation, announces it has sold Park Central Apartments, a 286-unit luxury high-rise apartment community with ground-floor retail in Raleigh, North Carolina, for $132.5 million. The buyer was Fairfield Residential.
According to Marc DeLuca, KBS’ CEO and regional president, Eastern U.S., the transaction demonstrates the firm’s ability to curate joint venture partnerships and identify and shape lifestyle hubs that deliver long-term value across asset classes.
“Since delivering the property in 2017, North Hills has evolved into a vibrant, vertically expanding urban district,” said DeLuca. “Our strategy continues to prioritize alignment with best-in-class partners, like Kane and long-term value creation in markets poised for outsized growth.”
KBS, in a joint venture with Kane Realty Corporation, began developing Park Central Apartments in 2015 and delivered one of the first high rise luxury residential buildings in North Hills, a flourishing neighborhood in Midtown Raleigh, in 2017. The property features 286 luxury apartments above 36,000 square feet of curated retail, including, casual dining restaurant Happy + Hale, fitness studios Midtown Yoga and Orangetheory, Kilwins ice cream shop and Jubala Coffee. Accessible to I-440, the mixed-use asset is walkable to a grocery store, fitness concepts and dozens of world-class restaurants, entertainment venues and retailers.
“We are especially proud of the impact that this project has had on North Hills. Our partnership delivered a sustainable, class A development that further contributed to the dynamic area it has become,” said John Kane, CEO of Kane Realty. “Our collaboration with KBS and their collective commitment to the entire North Hills mixed-use project was instrumental in its success.”
KBS and Kane Realty have partnered on many successful projects in the North Hills area since 2013, including the development and strategic dispositions of Midtown Plaza and CAPTRUST Tower.
“Each project we’ve developed in North Hills has outperformed our underwriting, reinforcing our conviction to this live-work hub and our strategy. Park Central Apartments embodies our approach consistently performing well year-over-year, and upon exit, returning approximately 2.4 times, the original investment to that fund,” according to Allen Aldridge, asset manager for Park Central Apartments and senior vice president at KBS. “Park Central Apartments was envisioned as a cornerstone for the district’s next chapter for density. Through active asset management and strategic placemaking, we created a walkable, mixed-use project that resonates with residents and enhances the surrounding community – including our adjacent office project, Bank of America Tower, which is operating at 95% occupancy today.”
Apartment units at Park Central Apartments offer best-in-class floor plans, 10-foot ceilings, floor-to-ceiling windows and sweeping views of Midtown Park and the captivating Raleigh skyline. Amenities include a sky deckwith a saltwater pool, clubhouse, sauna, dog spa, fully equipped fitness center, conference center and a dedicated parking garage.
Park Central Apartments has received numerous awards and accolades for its pedestrian-friendly and sustainable design, provides tenants easy accessibility to high-end boutiques, restaurants and entertainment options. The property’s central location is also in proximity to downtown Raleigh and North Carolina State University, and provides direct accessibility to public transportation, I-440 and the Raleigh-Durham International Airport.
North Hills and other neighborhoods in and around Raleigh remain key targets for KBS, driven by the region’s expanding innovation ecosystem, compelling affordability metrics and sustained demographic and economic growth that continues to outperform national trends.
“As one of only a handful of true high-rises in North Hills, Park Central Apartments represented a rare opportunity to own a distinguished, high-density asset,” notes Daniel McArthur, Acquisitions Officer at Fairfield Residential. “KBS’ active asset management has created a best-in-class experience for tenants, making it an ideal addition to our portfolio.”
John Munroe of Newmark represented KBS in the disposition of Park Central Apartments.
“KBS has an unmatched ability to identify well-located opportunities in growth markets and unlock value through providing superior service and amenities to residents and tenants in those markets.” says John Munroe, Senior Managing Director at Newmark. “Park Place Apartments is an excellent example of KBS’ vision for long-term value creation, making it a highly coveted property in Raleigh.”
Attorneys Bruce Fischer, Howard Chu and paralegal, Amanda Kennedy, of global law firm Greenberg Traurig. According to Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team, “North Hills continues to attract residents, businesses and investors seeking dynamic, well-connected environments, KBS has played a pivotal role in that evolution – driving value through strategic development, thoughtful placemaking and disciplined execution. We were pleased to support them in this transaction.”
Park Central Apartments is located at 200 Park at North Hills Street, Raleigh, NC 27609.
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