Arlington, VA. (August 26, 2020) — Arlington, Virginia-based Snell Properties and its partners closed today on the purchase of The Metropolitan, a luxury apartment community in the highly sought-after Glenwood South neighborhood of Raleigh, North Carolina. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the ownership group.
The five story, 241-unit community, located at 314 W. Jones Street was completed early 2019 and earned the “Silver” certification from the National Green Building Standard. The Metropolitan offers studio, one-bedroom and two-bedroom floorplans and includes features such as quartz countertops, an abundance of natural light, walk-in showers, and full-size washers and dryers. Residents enjoy an outdoor courtyard with fire pits and a heated resort-style saltwater pool, expansive clubhouse space as well as a two-level lounge that includes a rooftop terrace with city views. Additional community amenities include an attached parking garage with electric vehicle charging stations, a designated bicycle storage room with a repair station, a fitness center and yoga room, valet laundry service, a pet spa, and an outdoor pet run.
“We are excited to enter one of the most desirable markets in the Southeast with such a remarkable asset,” says Christopher Hanessian, President of Snell Properties. “Although we are dealing with the impact of the pandemic, we believe in the long-term economic outlook of the Raleigh-Durham market and the continued demand for quality multifamily residences.”
The Metropolitan is uniquely positioned at the nexus of the professional Capital District, which includes museums, the State Capitol, Legislative Building and the Governor’s Mansion, and Glenwood South, one of downtown Raleigh’s hottest emerging neighborhoods with an eclectic mix of restaurants, art galleries and unique shops, all built in what was once a row of warehouse buildings.
“The Metropolitan commands an irreplaceable downtown address,” notes Peter Colarulli, Vice President of Snell Properties. “The Metropolitan’s walkability, proximity to high quality retail and the CBD, and its competitive position in the market make it an ideal first acquisition for Snell in Raleigh.”
Raleigh is one of the top technology markets in the nation but offers a lower cost of living than other STEM hubs such as New York City, San Francisco, and Washington, D.C. The region boasts a diverse business ecosystem that includes pharmaceutical, finance, advanced manufacturing and technology firms. Major employers include IBM, SAS, Citrix, Red Hat, and GlaxoSmithKline, and the area boasts three notable Tier 1 Research Universities: Duke, UNC Chapel Hill, and NC State University. Raleigh-Durham was recently ranked #2 in the US Market for Overall Real Estate Prospects in ULI’s 2020 Emerging Trends report. As the Raleigh metropolitan area experiences unprecedented growth, the City of Raleigh is actively investing in infrastructure to make the area more walkable, including more bike lanes and streetscaping.
About Snell Properties
Headquartered in Arlington, Virginia, Snell Properties is an investor, developer, and asset manager of a portfolio of multifamily, commercial, and mixed-use properties in urban and suburban submarkets surrounding Washington, D.C. Founded in 1947 by George Snell, the company has built a legacy of creating value with its core portfolio of multifamily and commercial assets. Today Snell is owned by family shareholders and managed by a seasoned team of real estate professionals with expertise in value-add renovations, development, finance, acquisitions, and asset management. With a noteworthy portfolio of assets and exciting plans to expand into new markets and ventures, Snell is a boutique firm building on its legacy in innovative ways, including the redevelopment of the Ames Center in Rosslyn. For more information, please visit snellproperties.com.
Contact: Kris Warner
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