4700 Westgrove St, Raleigh, NC 27606

Lee & Associates is pleased to present the exclusive offering of 204 units within Westgrove Tower , a 240 -unit condominium community prominently positioned in the heart of Raleigh, North Carolina. Ideally located just minutes from NC State University, Research Triangle Park, and Downtown Raleigh, the property offers exceptional connectivity to the region’s most influential economic, academic, and technology drivers. Its central location provides residents with immediate access to nationally recognized employers, expanding research institutions, and a rapidly developing urban core —factors that collectively reinforce the asset’s long -term stability and appeal.

Westgrove Tower features a unit mix of studio, one -bedroom, and two - bedroom units, all currently leased at rental rates materially below prevailing market levels. This favorable rent positioning creates multiple, clearly defined pathways for value enhancement. Investors may pursue a conventional mark -to -market strategy, implement an interior renovation program to achieve premium rents, or reposition the property as a dedicated student -housing community by capitalizing on its immediate adjacency to NC State University and the broader student population in the market.

The current parcel encompasses an estimated 2 . 5 acres of excess land, providing a compelling secondary value driver. This land presents optionality for future development, ground lease income, structured parking solutions, amenity expansion, or an outright sale, depending on an investor’s strategy and long -term vision for the site. The flexibility and scale of this land component significantly enhance the asset’s overall investment profile.

The offering is strengthened by Westgrove Tower’s location within one of the fastest -growing metros in the U . S . , supported by sustained population growth, a diversified employment base, and large -scale public and private investments across the region. Notably, the $50 + million CityPlat redevelopment immediately adjacent to the property underscores the continued revitalization and upward momentum of the surrounding area, further reinforcing the long -term value proposition for incoming investors. The CityPlat retail development is nearly 95 % leased with initial occupancy anticipated by mid -2026.

This offering presents investors with the rare opportunity to acquire 204 units —representing approximately 85 % of the total 240 -unit condominium inventory at Westgrove Tower. Securing this level of ownership would enable an incoming investor to assume effective control of the COA, thereby granting the authority to initiate the acquisition of the remaining 36 privately held units , at an appraised value.

Notably, approximately 85 of the 204 units have undergone recent renovations, providing immediate operational and aesthetic enhancements to the asset’s baseline value. The current ownership group —comprising multiple affiliated entities —holds roughly 85 % of the condominium units and, as a result, controls five of the seven positions on the COA Board. This voting majority establishes clear governance authority and will transfer to a new owner, enabling the pursuit of a forced -sale process for the remaining privately held units in accordance with the provisions explicitly outlined in the COA bylaws . This process provides a structured and predictable pathway to acquire the remaining units, ensuring that a consolidated ownership position is both attainable and procedurally supported.

Under the terms set forth in the bylaws, a new owner would require an estimated 180 days to complete the proposed acquisition and consolidation process. The governing documents, including the full bylaws and procedural framework, are available for review upon execution of the required NDA. Upon achieving full ownership consolidation, an investor would have the flexibility to reposition Westgrove Tower into a modernized, higher -end multifamily community or a purpose -built student housing asset, unlocking significant long -term value creation potential.

The property includes approximately 2.5 acres of excess land immediately east of Westgrove Tower, offering significant strategic and development potential. This parcel encompasses a large, paved parking area, currently accommodating 145 parking spaces, as well as an undeveloped, wooded tract spanning roughly 0.75 acres that extends along the property’s length from the northern to southern boundaries.

The existing parking area is leased on a month-to-month basis to an independent local business, with the lease terminable upon 90 days’ notice. Lease documentation may be made available for review following execution of the requisite NDA. Collectively, this excess land provides substantial optionality, including opportunities for redevelopment, sale, or continued income generation through third-party leasing.

Collectively, the entire excess land parcel presents significant upside opportunities. Investors could explore redevelopment into additional multifamily or student housing units, consistent with the property’s existing use and market dynamics. Alternatively, the parcel could be monetized through outright sale, long-term ground leases, or continued short-term third-party income arrangements. Its proximity to NC State University—just approximately 0.50 miles to the west—further enhances its value, particularly for residential uses targeting the student population. Historically, the property was served by a university shuttle stop along the road-front, underscoring the site’s connectivity and suitability for student-oriented development.

Given the size, configuration, and location of the excess land, it offers a highly flexible platform for value creation, whether through redevelopment, densification, or strategic income generation, making it a key component of the overall investment thesis for Westgrove Tower.