Aldon Purchases Elevate Powell & Broad in Southwest Raleigh for $129 Million


Bethesda, MD. — Driven by a commitment to the economic strength of the Research Triangle, Aldon, a premier owner, manager, and developer of multifamily assets based in Bethesda, Maryland, announces the $129 million purchase of Elevate Powell & Broad, a luxury apartment community in Fuquay-Varina, N.C. The purchase rounds out a trio of investments in Raleigh’s research Triangle totaling $315 million.

Completed in 2021 and fully leased, Elevate Powell & Broad now leasing under its new name Aldon at Powell & Broad, offers 384 units of luxury Class A finishes and an expansive amenity package putting it among the top rental options in the area. The property sits on 26 acres within a few miles of two main retail centers, access to Highway 401 and Highway 55 as well as educational and employment opportunities.

“Aldon at Powell & Broad features luxury finishes and some of the largest floorplans in the market. Coupled with an amenities package to meet and exceed expectations, the property is already surpassing leasing projections,” said Todd Bowen, chief executive officer for Aldon.

The acquisition of Elevate Powell & Broad comes just months after Aldon purchased Sanctuary at Powell Place, a 264-unit garden style community in Pittsboro, N.C. Sanctuary was built in 2020 and offers private parking garages, an outdoor pool, electric charging stations, pet park and car wash. The $91.3 million deal closed on May 26.

These two most recent acquisitions combine with the $93 million purchase of The Piedmont, a 382-unit rental community in July 2021 solidify Aldon’s commitment to the Research Triangle.

“The demographic and population growth of this submarket combined with the economic drivers in the region validate the decisions Aldon is making to establish a strong presence in this area of the country,” Bowen said. “After more than 70 years as a key player in the Washington, D.C. market, these three investments are an integral part of our strategy for expanding our geographic footprint nationwide.”

Aldon kicked off a strategy to expand its geographic footprint from its home market in July 2021 with multifamily property acquisitions in Raleigh, North Carolina, Greenville, South Carolina, San Antonio, Texas and American Fork, Utah. With the purchase of Elevate Powell & Broad and Sanctuary at Powell Place, the company has invested nearly $430 million and has added 1,795 apartments to its portfolio.

Last updated: August 8, 2022