Mill Creek Announces Acquisition of Alister Lake Lynn

Press Release

RALEIGH, N.C., Sept. 20, 2022 /PRNewswire/ — Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., today announced the acquisition by its Mill Creek Multifamily Value-Add Fund of Alister Lake Lynn, a garden-style apartment community in Northwest Raleigh.

The three-story community, which features 312 apartment homes, is situated just off of Creedmoor Road and sits within the city’s picturesque Northwest area, which is notable for its established neighborhoods with green spaces, tree-lined streets and comfortable ambiance. Alister Lake Lynn benefits from its close proximity to major jobs centers in Raleigh, including the country’s largest research park (Research Triangle Park – “RTP”), Downtown Raleigh (the state capital) and Rex Hospital. Situated at 6421 Campus Drive, Alister Lake Lynn puts residents less than three miles from the popular Crabtree Valley Mall and within a quick commute of many dining and retail options including those at North Hills. Additionally, Lake Lynn Park is located one mile west of the community and features several sports facilities and a 2.8-mile greenway that surrounds the lake.

Propelled by world-class access to talent from three tier-one research universities (NC State University, Duke and the University of North Carolina) and an established innovation-based economy as the home of RTP, Raleigh-Durham (also known as the Triangle) is one of the fastest growing regions in the nation. Its population grew 92% since 2000. Lauded for its relatively low cost of living, highly educated workforce, cutting-edge healthcare and stable local and state governments, the region is attracting economic investment and corporate relocations/expansions.

“We’ve always been a fan of the Raleigh market and the Carolinas in general,” said Jaymie O’Harrow, vice president of acquisitions for Mill Creek Residential. “We’re excited to join the neighborhood, which serves as an ideal backdrop for a comfortable, enjoyable living experience. We believe our upgrades and our team’s trademark service levels will elevate Alister Lake Lynn to a top-of-market living option, and we’re eager to acquaint ourselves with our new residents and the neighborhood.”

Alister Lake Lynn offers one-, two- and three-bedroom homes with various layouts available. Community amenities include a resort-inspired swimming pool, sundeck with shade structures, two resort-style tennis courts, pet park, business center with coworking lounge, WiFi-enabled clubhouse and a 24-hour club-quality fitness center. Residents also have access to valet trash service, a recycling center, an onsite car care center and rentable carports.

Home interiors include nine-foot ceilings, energy-efficient stainless-steel appliances, gas ranges, granite countertops, tile backsplashes, wood plank-style flooring, modern fixtures and finishes, in-home washers and dryers, fireplaces, spacious closets and private patios or balconies. Select homes offer soaking tubs, and third-floor homes include loft layouts.

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