Our latest acquisition is also our first acquisition on behalf of our RG Value Add Fund, a joint venture with GCM Grosvenor, investing on behalf of four major pension funds. The newly renamed Pinewood Station is a 166-unit property in Hillsborough, NC within the Raleigh-Durham market.

Triangle Business Journal


An apartment complex in Orange County has changed hands for more than $30 million.

Lory of Hillsborough, a 166-unit apartment complex near Hillsborough Spa and Day Retreat and south of Interstate 85, was acquired in November for $30.825 million by Railfield Partners of Bethesda, Maryland, according to property records.

The sale of the apartments at 600 S. Churton St. comes to approximately $185,700 per unit.

Railfield has since renamed the apartment complex Pinewood Station and has started working on deferred maintenance items. Railfield co-founder and CIO Jon Siegel said the company will upgrade common areas and some of the community amenities within the first year of ownership. Unit upgrades are also planned and will happen as turnover occurs.

The unit upgrades will primarily focus on the kitchens and bathrooms, which are older as the community was built in the 1970s. Appliances, countertops and the flooring will all be upgraded to newer materials. Siegel said that while a rent increase will follow the unit upgrades, the rates will not be competitive to the high-end properties and will be kept at an affordable level.

Current rental rates range from $1,255 for a one-bedroom unit to $1,700 for a three bedroom. Rates for studio apartments were not available.

Improvements planned for the community amenities include upgrading the playground, adding a dog park, fixing the fountain in the lake, improving the pool area and improving the overall landscape appearance.

Pinewood Station also has a fitness center, game room, laundry facilities, grill and picnic area. Select units have patios or balconies and washer and dryer connections. The community sits on 21.81 acres and is a collection of 23 two-story buildings surrounding a small lake.

The total assessed value of the property is $14.1 million.

While Siegel did not want to disclose an exact cost for upgrades, he said the company is budgeted to spend millions of dollars.

“We are really excited about the purchase of this asset for a variety of reasons,” Siegel said. “The exceptional location and setting along with the opportunity to provide a strong value proposition for our residents drew us to this transaction.”

Railfield Partners is an investment and asset management firm that focuses on multifamily assets and is in nine markets in the U.S. The company has transacted more than $215 billion in multifamily real estate. It acquired the property with the company’s new RG Value Add Fund, a joint venture with GCM Grosvenor (Nasdaq: GCMG), investing on behalf of four major pension funds.

GCM Grosvenor is a global alternative asset management solutions provider. The company has approximately $73 billion in assets under management.

This is Railfield’s second Triangle property acquisition, with the other being the 300-unit Village at Broadstone Station in Apex.

(240) 743-3315 4600 East West Hwy Suite 610 Bethesda, MD 20814 Railfield is an experienced multifamily investment and asset management firm focused on creating value for both our investors and the residents of our communities.