Empty downtown Raleigh condo project sold
Posted August 18, 2010 3:14 p.m. EDT
Updated August 18, 2010 4:49 p.m. EDT
Raleigh, N.C. — The Hue, a 200-unit condominium complex in downtown Raleigh that closed three months ago without a single unit sold, has been sold to a Memphis, Tenn.-based firm that plans to convert the building to apartments.
Mid-America Apartment Communities Inc. paid $33.6 million for Hue, which the developer had turned over to the lender. The seven-story building on Dawson Street, which is painted in hues of blue and yellow, has sat empty since it was completed last year.
The sale doesn't include street-level retail stores in the building.
"We are excited to expand our presence in the dynamic and growing Raleigh market. Hue boasts a superior downtown location with close proximity to a number of major employers," Al Campbell, Mid-America's executive vice president and chief financial officer, said in a statement.
Amenities in Hue include 9- to 12-foot ceilings, gourmet kitchens with stainless steel appliances, granite counter tops and hardwood flooring in the living areas. The property features a pool, fitness center, controlled-access entry and covered parking.
When city leaders helped break ground on the project in September 2007, it was billed as an affordable option for people looking to buy downtown, with units for prices at about $160,000.
Rents at Hue will range from $995 to $2,300 a month.
Mid-America also owns the Preserve at Brier Creek and Providence at Brier Creek complexes in Raleigh and the Hermitage-Beechtree and Waterford Forest complexes in Cary.