Foulger-Pratt Acquires 252-Unit Raleigh Multifamily Community The Milo for $64 Million

Foulger-Pratt has acquired The Milo, a 252-unit multifamily community located at 821 Hanbury Way in West Raleigh, North Carolina, for approximately $64 million, the firm announced Sept. 4, 2026. The transaction works out to roughly $254,000 per unit and adds a newly built, Class A apartment asset to the Foulger-Pratt portfolio.

Property Overview

The Milo was originally developed by Greystar and delivered in 2024 on an approximately 8.13-acre site in West Raleigh. The community offers a mix of one-, two-, and three-bedroom residences with resort-style amenities and elevated interior finishes. Its location within the Triangle region provides residents access to Downtown Raleigh, Research Triangle Park, Durham, Cary, and Chapel Hill.

"We are pleased to welcome The Milo to the Foulger Pratt portfolio. The property's quality of construction, thoughtful unit mix, and access to the region's major employment centers make it a standout community, and we look forward to building on its success in the years ahead," said Joe Clauser, Chief Financial Officer.

Transaction Details

The seller was Greystar. The $64 million purchase price reflects the asset's Class A positioning and 2024 vintage. Foulger-Pratt, established in 1963 and headquartered in Potomac, Maryland, is a privately owned real estate investment, development, and operating firm with a vertically integrated structure spanning multifamily, mixed-use, and transit-oriented assets across the United States.

Raleigh-Durham Market Context

The acquisition comes as the Raleigh-Durham multifamily market absorbs a significant wave of new supply. Vacancy in Raleigh reached 12.2% in the second quarter of 2025 before improving to 11.3% in the third quarter, while average asking rents ranged between approximately $1,558 and $1,580 per unit during that period. Stabilized occupancy across the broader Raleigh-Durham market has held in the mid-90% range, suggesting that elevated headline vacancy figures are concentrated in properties still working through lease-up rather than in the stabilized stock.

As a 2024 delivery, The Milo enters the market at a moment when new Class A supply is still being absorbed across the Triangle region. Stabilized cap rates for Class A multifamily transactions in the Raleigh-Durham area have generally been in the 5.0% to 5.5% range in recent quarters.

About Foulger-Pratt

Founded in 1963, Foulger-Pratt is a privately held real estate investment, development, and operating firm. The company has developed millions of square feet of mixed-use, transit-oriented, and multifamily assets across the United States. Its vertically integrated structure provides full-lifecycle oversight of its projects and investments.

Sources

• Foulger-Pratt – Official Announcement