A global private equity firm has spent nearly $22 million on townhomes near Raleigh-Durham International Airport.
An LLC addressed to The Carlyle Group (Nasdaq: CG) acquired 58 townhomes for $21.5 million in Morrisville, according to Durham County deed records. The townhomes, named Abode Arringdon, were built and sold by DRB Group, and are now available for lease.
The price comes to about $371,000 per home.
Abode Arringdon has 65 townhomes total, but only 58 are owned by The Carlyle Group so far. The firm, based in Washington, D.C., started buying the homes in December, with the most recent sale occurring on April 23.
Whether it has plans to buy the remaining seven homes is unknown as The Carlyle Group did not respond to inquiry.
The 3-story townhomes are available on 15-month leases. Most are ready for move in with a handful not being available till May 15. Three-bedroom townhomes start at $2,449 while four bedrooms start at $2,524.
Single-family rentals and townhome rentals are becoming more popular in the Triangle. Between 2019 and 2023, the Raleigh area saw 700 build-to-rent homes completed, according to RentCafe.
Institutional investors buying homes in the Triangle market in recent years has made competition tougher among homebuyers as the region continues to face a supply shortage when it comes to homes.
Elsewhere, BH Management bought 30 lots to develop build-to-rent townhomes in Durham, and Edgewater Ventures is building rental townhomes in Wendell Falls.
All of the Abode Arringdon townhomes have an attached garage, a private porch or balcony, stainless steel appliances, full-sized washer and dryers, quartz countertops and smart home features. The homes range between 1,744 and 2,024 square feet.
The community has a dog park, fire pit and cornhole court.
The Carlyle Group has a U.S. real estate investment arm that focuses on single-family rental, multifamily, self-storage and industrial. It has 1,295 total investments in the U.S. and has deployed $19 billion in capital.
