PGIM Real Estate and Carroll Organization have purchased three housing multifamily portfolios, one of which includes property in Raleigh, Durham, Cary and Carrboro, for an undisclosed amount.

The eight property Raleigh-Durham portfolio includes 2,883-units — Copper Mill in Durham; Meadows at Kildaire in Cary; Oaks at Weston in Morrisville; Spring Forest in North Raleigh; Crest at West End in Carrboro; and Reserve at Lake Lynn, Walnut Creek, and Woodland Court in Raleigh.

The three Southeastern-based portfolios — including 480 units in Ponte Vedra Beach, Florida, and 680 units in Charleston, South Carolina — rang up a sales price of nearly $600 million. Raleigh-Durham stands out as the largest by unit count.

“These investments are based on our thesis that quality workforce housing is currently an underserved segment of the multifamily market,” said M. Patrick Carroll, CEO of Carroll, “which has created a supply/demand imbalance when homeownership or new-supply rents in desirable locations may not be attainable for most Americans.”

The transaction marks the fifth joint venture to date between PGIM Real Estate and Carroll, who will manage the properties. The two have jointly acquired 15,000 units across the Southeast in North Carolina, Florida, Tennessee, Texas and South Carolina.

“These latest portfolio acquisitions are consistent with PGIM Real Estate’s strategy to pursue workforce housing investments in well-located, pro-business metropolitan markets with a limited supply of apartments and a robust demand for affordable housing options,” says Alfonso Munk, PGIM Real Estate’s Americas chief investment officer.