Property details

North Carolina Value-Add Multi Family For Sale, Southeast Region

Property Description

400 B-Class Units

Built in 1972

Recent improvements made

$3.7M invested in 3 years to upgrade

Garden Style, Two Story Construction

Net Rentable Area ~340,000 SF

94% occupied

Conveniently located in a submarket of a Major NC MSA.

This property provides tenants with close proximity to the area's premier economic drivers including Downtown to the Major MSA and a major University's Medical arm.

Over $3.7M in CapEx recently completed.

This is a low-maintenance asset with outstanding upside potential through an existing interior value-add initiative and water/sewer income collection from a recently completed submetering program.

With minimal maintenance needing to be addressed on the property, incoming investors will be able to focus primarily on the proven out value-add initiatives in order to boost rental income.

We are direct to the owners.

This is an Off-Market, Confidential, Controlled and Deliverable Property.

As a first step, the owner requires that any interested buyer must provide their BIO and show ability to close. Upon approval, owner will release additional due diligence information.

This property is priced Net To Owner. Buyer responsible for a 2.00% brokerage fee.






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Highlights

Status:
Sold
Price:
$28,000,000
PSF:
$82
 

Property Information

Building Size:
340,000 sq.ft.
Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
400
Year Built:
1972
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.