Croatan Investments, a multifamily investment manager for private wealth, institutional, and retail capital, has fully subscribed its first Delaware statutory trust offering, Croatan North Oaks DST, after raising $12.3 million to acquire North Oaks Landing, a 200-unit, multifamily community located in Raleigh, North Carolina.
“With a combination of deep multifamily expertise and a strong 16-year performance track record, we were well-positioned to expand our platform into the retail space,” said Eric Smith, managing principal and chief investment officer of Croatan. “We specialize in identifying assets within attractive markets that often include opportunities to add value and increase operational effectiveness.”
Built in 1980 and fully renovated in 2016, North Oaks Landing sits on approximately 20 acres of land, roughly five miles from Downtown Raleigh. The property is comprised of one- and two-bedroom units with an average unit size of 1,018 square feet. Community amenities include a swimming pool, business center, playground, clubhouse, and fitness center.
Nearby major employment drivers include Duke University, UNC Chapel Hill, NC State University, the Research Triangle Park, and Raleigh-Durham International Airport.
In other company news, Croatan recently hired former Armada Hoffler Properties executive, Eric Smith, to serve as managing principal and chief investment officer.
Croatan Investments is a multifamily investment manager for private wealth, institutional, and retail capital. Headquartered in Virginia Beach, Virginia, Croatan has team members operating in Atlanta, Austin, Dallas, New York City, Washington DC, and Singapore. The portfolio currently consists of multifamily assets across the Mid-Atlantic and Sun Belt.