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**Kane Realty Acquires Raleigh Property for $72.3M, Plans Major Mixed-Use Redevelopment**
FCP has sold a mixed-use property in Raleigh, North Carolina for $72.3 million to Kane Realty. The acquisition includes The Pointe at Midtown, a 365-unit apartment community, and Grove Towers, a 115,413-square-foot office building.
Originally purchased by FCP for $37.1 million five years ago, the site lies approximately five miles north of downtown Raleigh and two miles from the North Hills development.
Kane Realty plans to demolish both the office and residential components to make way for a large-scale mixed-use project. The City of Raleigh has approved rezoning for the site, allowing for the development of 37-story towers.
Under the new zoning, Kane is permitted to build up to 2,521 multifamily units, 1.7 million square feet of office and medical space, and 263,465 square feet of retail space.
With this acquisition, Kane Realty continues to expand its footprint in the region, now owning over 4,200 multifamily units across the Raleigh metro area in various stages of development.
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