achievement of the ORA Elite one percent award shows that our employees and the
quality of Park Central are top of the class,” said Marc DeLuca, Regional
President of KBS. “I commend the entire team and our partner, the Kane Company,
for their stellar performance.”
Park Central Apartments is a Class A, multi-family apartment
building situated in the North Hills submarket of midtown Raleigh. The property
contains 286 residential apartment units in addition to 41,069 square feet of
ground floor retail space. Park Central Apartments was a ground up development
in a joint venture with a sovereign partner, in lieu of an institutional client,
and the Kane Company. The property was developed with high grade unit finishes
to include 42-inch kitchen cabinetry, walk‐in closets, granite countertops,
stainless steel appliances, full sized washer and dryers, ceramic tile
backsplashes and walk‐in showers. Select units within the apartment are
equipped with built‐in‐bookcases, built‐in and moveable kitchen islands, floor
to ceiling windows, deep soaking tubs and shelved pantries.
KBS further upgraded onsite amenities at the property to
include a saltwater pool, three resident-only outdoor courtyards, a clubroom
overlooking Midtown Park, a fitness center, sauna, a lounge with indoor/outdoor
bar, pet grooming salon, outdoor TV lounges, work-from-home cubicles, a
conference area and a billiards room. The property offers tenants a variety of
nearby entertainment options thanks to its proximity to Midtown Park, the
shopping center at North Hills and North Hills Regal Cinemas.
According to Collier’s Raleigh-Durham Multifamily 2018
report, the Raleigh-Durham multifamily market is currently outperforming the
CPPI National All-Property Index by more than 34%, in 2018. This growth is
estimated to continue thanks to volume of highly educated young workers in
technology, biotechnology and research and development. Furthermore, the
average effective rents are expected to continue increasing across the Triangle
Tenants at Park Central Apartments benefit from the
property’s work, live, shop and dine environment of the North Hills submarket.
The location provides easy access to all parts of Raleigh and the greater
Triangle MSA and has consistently ranked among the nation’s best places to
live, work and raise a family.
“Park Central has all the amenities and offerings of one of
the top multi-family projects in the Raleigh market, and has now been
recognized by J Turner Institute as having one of the top online reputations
nationally,” said Allen Aldridge senior vice president for KBS and asset
manager for the property. “This recognition signifies all the hard work by the
Kane team on-site and sets the standard for service across all our properties.
We’re targeting to further improve this performance in 2019 with the objective
to make the top 100 nationally.”