Engel & Volkers (Germany) Expansion into Raleigh, NC
12 Nov 2021 - Engel & Volkers announced the opening of its newest shop in Raleigh, NC.Yuriy Vaynshteyn, current license partner of Engel & Völkers Charlotte, will also serve as co-license partner of the brand’s Raleigh location along with Nikita Zhitov and Vincenzo Verdino, founders of CityPlat Commercial Real Estate, one of the fastest-growing real estate firms in the Raleigh area since its founding in 2019. Zhitov, serving as the new shop’s managing broker, brings years of experience across the globe in commercial and residential real estate, developments and luxury housing construction. Verdino also brings global experience in construction and development to the brokerage, having played an integral role in CityPlat’s Commercial Brokerage and Property Development divisions.
“Raleigh is poised for growth thanks to the continued migration of residents from the West Coast and Northeast, as well as international residents coming from India, China, Mexico and Russia,” said Anthony Hitt, president and CEO, Engel & Völkers Americas. “Yuriy, Nikita and Vincenzo all bring a wealth of experience and knowledge specific to the Raleigh market as well as a deep understanding of global real estate and connections throughout the world. As a global luxury real estate brand, this partnership was a natural fit as we expand our presence in North Carolina and across the United States.”
Engel & Völkers Raleigh is located at the front end of Fayetteville Street in the heart of downtown, neighboring the State Capitol Building and the Wells Fargo Capitol Center. Raleigh continues to be one of the strongest and fastest-growing real estate markets in the country as large corporations and big tech come to the famed Research Triangle Park, home to over 300 companies including Amazon, Google, IBM, Cisco, Fidelity Investments and Apple, which has a billion-dollar development planned for its campus that will bring more than 3,000 job opportunities to the area. The Triangle is also home to three of the state’s top universities; Duke, University of North Carolina, and North Carolina State.
This confluence of science, academia and technology has given rise to co-living, a disruptor in the residential sector since the pandemic and extremely popular among millennials and Gen Z homeowners. As a result, many multi-use developers have begun to create mixed-use, multi-family communal living and working spaces, making the Triangle truly unique. Buyers in the Raleigh area can also find new construction in the form of custom single family homes and luxury townhomes, with commercial spaces becoming increasingly integrated within residential communities.
“The luxury market in Raleigh has been underserved until this point,” said Vaynshteyn. “As more progressive residents from bigger cities flock to our community for its quality and cost of living, diverse and inclusive culture, and opportunities to push the boundaries of science and technology.”
“Bringing Engel & Völkers to Raleigh is direct evidence of the city transitioning from a small town to one of the most desirable places to live in the country,” added Zhitov.