The L Building

CEI identified a parking garage in downtown Raleigh prime for a wrap of mixed-uses: 83 residential apartments, 7,400 SF of office, and 10,000 SF of retail. The L was formed as a public-private partnership with Wake County. CEI formed a venture with local developer Empire Properties and secured Franklin Street as limited partner. Balfour Beatty was selected as GC and leased all of the office space. The property stabilized quickly during a period when many competing properties were being delivered. Shortly after stabilization, the building was sold for $25M. CEI was bought out by the local developer at a 2x multiple. The L Building has consistently ranked among the top 8 apartments in Raleigh for rent and low vacancy.