ASCENTRIS AND GRUBB VENTURES EXPAND JOINT VENTURE TO ACQUIRE REMAINDER OF GLENWOOD PLACE MIXED-USE COMMUNITY IN RALEIGH, NC
Denver, CO (February 8, 2022) – Ascentris, a Denver-based real estate private equity firm, announced today it has expanded its relationship with Grubb Ventures through the acquisition of Glenwood Place Phase II (the “Property”). The Property currently consists of six office buildings developed between 1973 and 1978, totaling 175K sf over 17.2 acres located within the Glenwood Place mixed-use community of Raleigh, NC. Together with its current ownership of office properties 3700 Glenwood and 3800 Glenwood and multifamily properties Sojourn and The Residences, the Property completes the full ownership of Glenwood Place by Grubb Ventures and Ascentris (the “Partnership”). Strategically located inside the I-440 beltline along Glenwood Avenue, Glenwood Place is adjacent to Raleigh’s most sought-after residential neighborhoods and provides convenient access to downtown Raleigh, the Raleigh-Durham International Airport, and Crabtree Valley Mall and North Hills, two of the premier shopping centers in Raleigh.
Grubb Ventures acquired the 38-acre Glenwood Place in 2003, which consisted of ten two-story office buildings, with a long-term vision to redevelop the park into a thoughtful, master planned mixed-use community. The Ascentris/Grubb partnership originated in December 2018 with the acquisition of 3700 Glenwood, a 112K square foot office and retail building developed in 2007 and currently 96% leased, and the development of 3800 Glenwood, a 114K square foot Class A office and retail building that is currently 98% leased. The Partnership furthered its relationship in January 2020 with the acquisition of Sojourn, a 296-unit, Class A multifamily property, and the development of The Residences, a 278-unit, Class A multifamily property on the neighboring parcel. Sojourn is currently 97% leased and The Residences is scheduled for first unit delivery in early 2022. In total, the Glenwood Place Partnership owns 574 multifamily units, 216K square feet of office space, and 28K sf of experiential retail space.
“We are thrilled to expand our investment in Glenwood Place and our partnership with Grubb” said Ascentris Partner Tricia Noble. “Our existing Glenwood Place holdings have performed very well, and we continue to view the long-term supply-demand fundamentals of Raleigh very favorably. This inside-the-beltline location and proximity to strong demographics make Glenwood Place an ideal fit for our current investment strategy. We have been very impressed with Grubb’s vision for Glenwood Place and are excited to expand our relationship” added Noble.
“It is truly becoming a unique destination for Raleigh,” said Gordon Grubb, President of Grubb Ventures. “Ascentris shares our vision for the highest quality of development with a long-term horizon, and we look forward to working with them in the years ahead to make Glenwood Place an even more desirable part of the community.”
Grubb will serve as the developer and property manager for all the properties within Glenwood Place. Pinnacle Financial Partners provided the acquisition financing for Glenwood Place Phase II.
About Ascentris
Ascentris is a real estate private equity firm focused on value-add investing in transitional and generational real estate across the major property types and markets throughout the United States. Since 2003, Ascentris has managed institutional capital in a series of vehicles utilizing an investment approach and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, accountability, and transparency. Ascentris is a privately held and management-owned SEC-registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About Grubb Ventures
Grubb Ventures is a Raleigh-based owner, operator, and developer of real estate primarily within the Triangle region of North Carolina. Founded in 2002, the company has acquired, developed, or repositioned assets totaling over $750 million utilizing acute local knowledge and contacts within the community. The Grubb Ventures team has a proven track record as a best-in-class sponsor of award winning, thoughtfully executed, residential, commercial, and retail properties. Additional information can be found at http://grubbventures.com/.