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.

 

Unit Information

UnitTypeSizeRent
401 BD/1 BA688 SF$995 RENOVATED
381 BD/1.5 BA734 SF$1,015 RENOVATED
142 BD/1.5 BA1,083 SF$1,190 RENOVATED
882 BD/2 BA1,002 SF$1,190 RENOVATED
193 BD/2.5 BA1,320 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 Owner Financing NONE
Utilities WATER IS SUBMETERED Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS
Legal Description TRACTS 1 & 2 PROP QUAIL DEVELOPMENT CO Zoning R-10
Sold Date 02/25/2021