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Press Releases

Park Central Apartments Ranks Top One Percent in National Online Reputation

  • March 4, 2019
Press Releases

Park Central Apartments Ranks Top One Percent in National Online Reputation

  • March 4, 2019
NEWPORT BEACH, Calif. (March 4, 2019) – KBS, based in Newport Beach, California, announced today that Park Central Apartments earned a ranking in the top one percent nationally for online reputation by the J Turner Research Institute for 2018. According to J Turner Research’s 2018 Online Reputation Assessment (ORA), Park Central ranked around 700 out of 92,000 multi-family projects that J Turner evaluates.

 “The recent 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 market.

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.”

Media Contact

Ginny Walker

KBS PR Manager
949-417-6535
gwalker@kbs.com

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Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
The threat of shorter office lease terms has been looming over the commercial real estate industry for several years. Companies first braced for the potential impact of new standards from the International Accounting Standards Board (IASB) recognizing all leases on the balance sheet, which took effect in January 2019. Then, the office leasing world was hit with additional challenges from COVID-19 as many companies opted to work from home and re-evaluated the role of their physical office space.
Industry Trends Insights

Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
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Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
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