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Greystar sells 252-unit Raleigh apartment complex for $64M

The Milo, a 2024-built property, is 96% leased and is in West Raleigh near Research Triangle Park.

Reported · Written up by our desk · Residential

Greystar has sold a 252-unit multifamily community in Raleigh, North Carolina, for $64 million, according to a report by Bisnow citing Wake County deed records.

The property, known as The Milo and developed by Greystar in 2024, was purchased by Foulger Pratt, a development firm based in Potomac, Maryland.

Foulger Pratt said in a release that West Raleigh gives residents convenient access to Research Triangle Park, downtown Raleigh, and regional employment and entertainment options. The company also pointed to growth around the Lenovo Center and a planned $1 billion sports and entertainment district that is slated to begin construction this year.

Bisnow noted that Raleigh remains attractive for multifamily investment, with the vacancy rate at 9.4% in the second quarter, down from 10.6% in Q1. Asking rents averaged $1,575 per unit, and The Milo’s rents range from $1,446 to $2,671, with the community reported to be 96% leased.

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