Denver, CO (February 8, 2022)
Ascentris announced it has expanded its relationship with Grubb Ventures through the acquisition of Glenwood Place Phase II, a collection of six office buildings totaling 175,000 square feet across 17.2 acres within the Glenwood Place mixed-use community in Raleigh, North Carolina.
The property includes six office buildings developed between 1973 and 1978. Together with previously acquired assets, the purchase completes full ownership of Glenwood Place by the Ascentris and Grubb Ventures partnership.
Located inside the I-440 beltline along Glenwood Avenue, Glenwood Place sits near several of Raleigh’s most sought-after residential neighborhoods and offers convenient access to downtown Raleigh, Raleigh-Durham International Airport, Crabtree Valley Mall and North Hills.
Grubb Ventures originally acquired the 38-acre Glenwood Place site in 2003 with a long-term plan to redevelop the park into a mixed-use community.
The partnership between Ascentris and Grubb Ventures began in December 2018 with the acquisition of 3700 Glenwood, a 112,000-square-foot office and retail building developed in 2007 and currently 96% leased, along with the development of 3800 Glenwood, a 114,000-square-foot Class A office and retail building that is currently 98% leased.
The partnership expanded further 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 a neighboring parcel.
Sojourn is currently 97% leased and The Residences is scheduled to deliver its first units in early 2022.
In total, the Glenwood Place partnership now owns:
- 574 multifamily units
- 216,000 square feet of office space
- 28,000 square feet 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 Raleigh’s long-term supply-demand fundamentals favorably. This inside-the-beltline location and strong demographics make Glenwood Place an ideal fit for our current investment strategy.”
“It is truly becoming a unique destination for Raleigh,” said Gordon Grubb, President of Grubb Ventures. “Ascentris shares our vision for high-quality development with a long-term horizon, and we look forward to working together to make Glenwood Place an even more desirable part of the community.”
Grubb Ventures will continue to serve as developer and property manager for the properties within Glenwood Place. Pinnacle Financial Partners provided 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 major property types and markets throughout the United States.
Since 2003, Ascentris has managed institutional capital through a series of investment vehicles designed to provide investors with access to opportunities ahead of the market while delivering a high level of service, accountability and transparency.
Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting 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 more than $750 million, leveraging strong local market knowledge and relationships.
The firm has established a track record for developing award-winning residential, commercial and retail properties throughout the region. Additional information is available at grubbventures.com.
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