JLL Brokers Sale of Greystar's 252-Unit Milo Apartments in West Raleigh

RALEIGH, N.C. — JLL Capital Markets announced Aug. 26, 2026, the completed sale of Milo, a 252-unit garden-style multifamily community in West Raleigh, North Carolina. Greystar was the seller, and Milo Apartments, LLC acquired the property. JLL represented the seller in the transaction.

Property Overview: Milo at 821 Hanbury Way

Completed in 2024, Milo sits on an 8.13-acre site at 821 Hanbury Way in West Raleigh. The community comprises eight three-story residential buildings and a leasing and clubhouse facility, for a total of 252 homes.

Units are offered in one-, two-, and three-bedroom floorplans averaging 889 square feet each. Interior finishes include stainless steel appliances, quartz countertops, soaking garden tubs, spacious closets, and private patios or balconies. Community amenities include a pool and sundeck, poolside cabanas, yoga lawn, co-working hub, fitness center, cardio and cycle studio, outdoor grill kitchen, dog park, community garden, and a resident lounge.

Location and Market Context

Milo's position along the I-40 corridor places it at a key transportation artery connecting Raleigh to Research Triangle Park, Durham, Chapel Hill, RDU International Airport, and the broader Triangle metro. NC State University, Duke University, and UNC-Chapel Hill are all within close proximity, situating the property within a dense concentration of higher education institutions and white-collar employment.

The Raleigh-Cary metro area has grown more than 10% since 2020, a pace nearly four times the national average over the same period. Employment in the Raleigh metro has risen between 2% and 3.5% year-over-year, placing the market among the top five cities for job growth nationally.

Raleigh-Durham multifamily vacancy, which reached approximately 12% earlier in 2025, edged down to around 10.79% by the fourth quarter of 2025 as absorption improved relative to new supply. Occupancy at stabilized properties reached approximately 93.8% in late 2025. Average asking rents in the market stood near $1,538 per unit in the fourth quarter of 2025.

JLL Capital Markets Team

The JLL Capital Markets Investment Sales and Advisory team that led the transaction included Managing Directors John Mikels and John Gavigan, Director Chase Monroe, Associate William Martin, and Analyst Mccullough Campbell.

"Raleigh continues to draw in new residents due to its strong employment base in research and technology, its world class higher education institutions and its high quality of life, which directly benefits properties like Milo that see continued rent growth and robust leasing fundamentals," said Mikels.

About the Principals

Greystar is a global real estate platform focused on property management, investment management, development, and construction services in rental housing. Headquartered in Charleston, South Carolina, the firm manages and operates approximately $350 billion of real estate across roughly 260 markets globally and is the largest operator of apartments in the United States, with more than one million units and beds under management worldwide. Greystar has over $79 billion of assets under management, including more than $34 billion of development assets.

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. Services include investment sales and advisory, debt advisory, mergers and acquisitions, corporate finance, loan sales, equity and fund placement, net lease, derivative advisory, and energy and infrastructure advisory.

Sources

• JLL Newsroom — Newly Built Multifamily Community in West Raleigh Trades