ARBORS AT NORTH HILLS – 199 UNITS IN RALEIGH, NC
SOLD 2/25/21 FOR $27,000,000
Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction.
Deaton represented Magma Equities in the acquisition of this asset in September of 2019 for $19,900,000. After Magma implemented a value-add strategy to make improvements and raise rents, Deaton found a buyer to facilitate their exit of the deal just 15 months later.
Located five miles north of Downtown Raleigh, Arbors at North Hills Apartments offers residents a Midtown location with easy access to dining, retail, employment and entertainment options. Built in 1978, the property offers an attractive mix of floor plans with original finishes. The property features mature landscaping on more than 24 acres, providing a scenic and peaceful setting. Property amenities include a swimming pool, clubhouse, laundry facilities, playground, picnic area with grills and private patios.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 40 | 1 BD/1 BA | 688 SF | $995 RENOVATED |
| 38 | 1 BD/1.5 BA | 734 SF | $1,015 RENOVATED |
| 14 | 2 BD/1.5 BA | 1,083 SF | $1,190 RENOVATED |
| 88 | 2 BD/2 BA | 1,002 SF | $1,190 RENOVATED |
| 19 | 3 BD/2.5 BA | 1,320 SF | $1,300 RENOVATED |
| 199 UNITS | 924 SF AVG. |
PROPERTY INFORMATION
| PIN | 1716556594 |
| Tax Value | $20,038,739 |
| Taxes | $195,370.03 |
| Lot Size | 24.56 ACRES |
| Year Built | 1978 |
| Exterior | VINYL, WOOD, BRICK |
| Floors | CARPET, VINYL, LVT |
| Foundation | SLAB |
| HVAC | CENTRAL AIR |
| Utilities | WATER IS SUBMETERED |
| Legal Description | TRACTS 1 & 2 PROP QUAIL DEVELOPMENT CO |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS |
| Sold Date | 2021-02-25 |
| Zoning | R-10 |
Agent Information Michael Deaton
Location Map
ARBORS AT NORTH HILLS – 199 UNITS IN RALEIGH, NC
