The Lofts at Strickland Glen features amenities including a saltwater swimming pool, new poolside lounge with cabanas, outdoor kitchen and picnic tables, 24-hour fitness center and yoga studio and pet spa. — Courtesy: The Solomon Organization
By Joshua Burd
The Solomon Organization has added to its apartment portfolio outside New Jersey, acquiring a 156-unit rental property in North Carolina.
The Summit-based firm announced its purchase of The Lofts at Strickland Glen, a 17-year-old community near the state’s Research Triangle Park region. Formerly known as Hawthorne Glen, the property is Solomon’s 10th multifamily acquisition in what it counts as its Southeast portfolio.
The firm began to amass properties in Virginia and North Carolina starting in 2015, according to a news release. The portfolio now includes 2,734 units.
“There are more than two million people living in the Research Triangle, many employed in high-paying technical positions,” said Marc Solomon, founder of The Solomon Organization. “Raleigh is an exciting city with world-class educational and employment opportunities, and we hope to make future purchases here as part of our strategy to expand our Southeast holdings.”
The Lofts at Strickland Glen is a gated community consisting of 13 two-story buildings, most of which feature lofts accessed by spiral staircases, the news release said. The Solomon Organization plans to invest more than $1.5 million to upgrade units with newly renovated kitchens, washer-dryers and new flooring.
Solomon owns two other communities in Research Triangle Park, which is home to Duke University and the University of North Carolina at Chapel Hill, along with their respective medical and technical schools. The Lofts at Strickland Glen sits within the Leesville School District and is within a short drive to high-end shopping, dining and entertainment destinations including five shopping malls and Wildwood Country Club.
“Just like our residents, we were impressed by the beautifully maintained units, common areas and surrounding grounds,” Solomon said. “The Lofts is the symbol for what we are buying in the Southeast and Raleigh is the model city for a portfolio that includes Roanoke, Charlotte, Chapel Hill, Greensboro and Blacksburg: all places with the perfect blend of thriving economies and people who know how to have fun.”
