COLONY TOWNHOMES – 59 UNITS IN NORTH RALEIGH

Price:

$7,080,000

Status:

Sold

Address:

5581 Burnlee Pl, Raleigh, NC 27609, USA

Overview:

SOLD 3/29/19 FOR $7,080,000
($120,000 per unit)

Colony Townhomes features 59 apartments located on Millbrook Road, near the intersection of Six Forks Road. This midtown location is a high-growth area where rental demand and rent growth has outpaced the market. The property features an attractive mix of one-, two- and three-bedroom floorplans and the property is in excellent condition.

Deaton Investment Real Estate exclusively represented the buyer in this transaction. The seller was represented by Worthy & Watchel and V.G. Murray and Company.

Unit Information

UnitTypeSizeRent
1 UNIT1 BD/1 BA500 SF$865
6 UNITS2 BD/1 BA850 SF$975 AVG
34 UNITS2 BD/1.5 BA1,079 SF$1,030 AVG
18 UNITS3 BR/2.5 BA1,478 SF$1,215 AVG

Property Information

PIN 1706761705 Tax Value $4,690,360
Taxes $52,406.88 Lot Size 7.5 ACRES
Year Built 1968 Exterior BRICK, VINYL
Floors CARPET, TILE, VINYL Foundation CRAWL
HVAC CENTRAL AIR, HEAT PUMPS Owner Financing NONE
Utilities OWNER PAYS WATER Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS
Legal Description PHAS 1&2 COLONY TOWNHOUSES Zoning R-6
Sold Date 03/29/2019