Manhattan Beach, CA-based Magma Equities has acquired the Litchford 315 Apartments, a 240-unit multifamily community in Raleigh, NC, in an $83-million off-market transaction. Litchford 315 was 96% leased at closing

The transaction represents Magma’s fourth apartment investment of the year in NC and the firm’s ninth in 2022 (totalling more than $500 million).

“We continue to be bullish on the multifamily sector overall given supply and demand dynamics, especially in Sun Belt markets like the Carolinas that offer a winning combination of job growth, attractive climate and relatively low cost of living,” said Magma founder and managing principal Ryan Hall. “This Raleigh acquisition, our largest single investment in NC since we started buying here in 2018, is another example of how we are diversifying our portfolio to include more long-term-hold core assets to complement our value-add strategy.”

The 2022-constructed Litchford 315 consists of one-, two- and three-bedroom units housed in 10 three-story buildings on a 14-acre site.