Portsmouth Real Estate Partners and Marcus Partners Acquire Vine North Hills in Raleigh
Joint venture purchases 326-unit multifamily community at 500 St. Albans Drive
Portsmouth Real Estate Partners, in partnership with Marcus Partners, today announced the acquisition of Vine North Hills, a 326-unit multifamily community at 500 St. Albans Drive in Raleigh, North Carolina. The property is located within North Hills, Raleigh’s premier mixed-use neighborhood.
Completed in 2020, Vine North Hills offers studios, one-, two-, and three-bedroom apartment homes with modern unit finishes, a full roster of luxury community amenities, and structured parking. The property is part of North Hills’ newest district, the North Hills Innovation District. The new 33-acre district features apartments, office space, and highly curated retail incorporated directly into four acres of outdoor space, giving residents access to the best of North Hills’ amenities in a setting that also embraces open space.
The acquisition is the first partnership between Portsmouth, an investor and developer with a growing portfolio in North Carolina and Virginia, and Marcus Partners, a real estate investment, management, and development firm with a growing presence in the Southeast. The partnership plans to implement operational enhancements and a targeted capital improvement program.
“Vine North Hills reflects our multifamily strategy: acquiring high-quality, exceptionally well-located assets in high-growth markets with a clear path to adding value,” said Bailey Jones, Co-Founder of Portsmouth Real Estate Partners. “Raleigh continues to benefit from strong job and population growth, and with new deliveries slowing after a period of record supply, we see the market entering an early stage of recovery.”
“This acquisition marks our third investment in Raleigh and reflects our growing commitment to pursuing multifamily opportunities across both existing communities and new development projects in high-growth Southeast markets,” said Casey Barber, Senior Vice President, Investments at Marcus Partners. "Vine North Hills fits nicely into our portfolio as a high-quality multifamily asset acquired at an attractive basis with room to create value and we are looking forward to doing that alongside our new partner, Portsmouth.”
Newmark arranged the acquisition financing.
About Portsmouth Real Estate Partners
Portsmouth Real Estate Partners is a real estate investment and development firm with operating capabilities across the residential and industrial sectors. Founded in 2025 by Bailey Jones and Patrick Keeley, Jr., the firm develops research-driven strategies, sources high-quality opportunities in a small number of focused markets and executes business plans built on deep sector knowledge and extensive local relationships.
For more information, visit portsmouthrep.com.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm specializing in real estate investment, management and development. The firm focuses on value-add investment strategies across industrial, multifamily, and other property types. Marcus Partners and its affiliates currently own, control, operate, or are developing more than 7 million square feet of real estate and 4,100+ multifamily units. The firm is headquartered in Boston, with regional offices in Metro New York, the Mid-Atlantic, and Atlanta. For more information, visit https://marcuspartners.com/
13 October 2026