ARBORS AT NORTH HILLS – 199 UNITS IN RALEIGH, N.C.

PRICE:
$ 27,000,000
STATUS:
Sold
ADDRESS:
5000 Windy Hill Dr, Raleigh, NC 27609, USA
OVERVIEW:

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.

 

Link To Tax Records
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

Location Map

ARBORS AT NORTH HILLS – 199 UNITS IN RALEIGH, N.C.
Address: 5000 Windy Hill Dr, Raleigh, NC 27609, USA Price: $ 27,000,000 Unit: 199