Press Release (ePRNews.com) - New York City, NY - Sep 28, 2017 - Dome Properties, LLC. is pleased to announce that it has engaged Castle Placement as its exclusive placement agent to raise $10 million of equity to purchase properties and build and sell homes and townhouses in downtown Raleigh.
The company is led by Randy Stratton and Frank Mahan, each with a long and successful track record in real estate finance and development. Dome has formed a strategic partnership with long-experienced Raleigh homebuilder M13, LLC and realtor/property manager Choby Realty Group/CRG Property Management. These alliances enable Dome to get a first look at potential acquisition targets and purchase properties before they become available to other buyers. Dome plans to purchase over 100 teardown properties per year for redevelopment.
Raleigh, the capital of North Carolina, presents a very attractive market opportunity. It is experiencing rapid gentrification, and is one of the fastest growing areas in the country due to favorable weather and high-paying jobs. Housing supply has not kept up with demand, with the average days on market for downtown Raleigh at 25, well below the 85-day national average.
Dome faces little to no competition from the major homebuilders, which are more interested in large developments than redeveloping lots one at a time.
Founded in 2009, Castle Placement raises equity and debt private capital for early-stage and middle market companies across a broad spectrum of industries. It uses its data-driven, robust technology platform to connect its issuers with global institutional investors. Castle Placement has over 27,000 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.