Portsmouth Real Estate Partners and Marcus Partners Acquire 326-Unit Multifamily Property in Raleigh

A partnership formed by Portsmouth Real Estate Partners and Marcus Partners has acquired Vine North Hills, a 326-unit multifamily property located at 500 St. Albans Drive in Raleigh, North Carolina. The financial terms of the transaction, including the seller and sales price, were not disclosed. Newmark successfully arranged the acquisition financing for this new partnership.

Vine North Hills, completed in 2020, is situated within the 33-acre North Hills Innovation District, which is part of Raleigh’s broader North Hills mixed-use neighborhood. The property offers a diverse range of apartment layouts, including studio, one-, two-, and three-bedroom units, complemented by a full suite of amenities and structured parking. This acquisition represents a significant investment in a growing urban innovation hub, signaling continued investor confidence in Raleigh's multifamily market.