Bethesda, MD — Aldon, a premier owner, manager, and developer of multifamily assets based just outside Washington, D.C., acquired The Piedmont, a luxury apartment community located at 7621 Triangle Promenade Drive in the Northeast Raleigh, North Carolina submarket.
Completed in 2020 and now stabilized, The Piedmont offers 382 apartments in seven, four-story buildings ideally situated between I-540, HWY 401, and HWY 1, and directly across from Triangle Town Center Mall and Poyner Place.
“Strong market fundamentals and the continued growth of the Research Triangle area make this a perfect fit for one of our first acquisitions outside our home market,” said Todd Bowen, chief executive officer of Aldon. “The Piedmont was built to the highest standards and offers us the opportunity for upside projected real estate values.”
The Piedmont offers studio, one, and two-bedroom floorplans with elevator service. The apartment homes feature custom cabinetry, granite kitchen counters, stainless steel appliances, wood floors, and designer lighting. Community amenities include an interactive clubhouse with game room, state-of-the-art fitness center, coffee bar, and electric car charging stations. A resort-style pool with cabana, grilling area, putting green, and dog park offers an abundance of outdoor recreation opportunities. The community received a Silver rating by National Green Building Standard®.
The Research Triangle continues to experience rapid growth in technology, life sciences, pharmaceutical, and biotech industries and was recently recognized as one of the most resilient economies in the U.S. following the COVID-19 pandemic.
“The fact that this asset was able to open and stabilize during the pandemic is a testament to the strength of this market. We look forward to owning and managing this extraordinary property and to exploring additional opportunities in this strong and established economy.” Bowen said.
After more than 70 years in the Washington, DC market, Aldon kicked off a strategy to expand the geographic footprint to new markets. In addition to this acquisition, the company announced the purchase of Aldon at Keys Crossing (formerly Waterleaf at Keys Crossing) in Greenville, South Carolina. Aldon will continue to explore opportunities in strong economic markets in the mid-Atlantic, the southeast, and Texas.