CHAPEL VIEW – 224 UNITS IN CHAPEL HILL

Price:

$26,000,000

Status:

Sold

Address:

2701 Homestead Rd, Chapel Hill, NC 27516, USA

Overview:

Sold 12/30/19 for $26,000,000
Deaton Investment Real Estate represented the buyer in this off-market transaction.

The Chapel View Apartments offer a mix of one- and two-bedroom units approximately three miles north of Franklin Street and the University of North Carolina at Chapel Hill. Built in 1986, the property has historically operated as a student property with by-the-bed leasing. New ownership can grow revenue and add value with strategic improvements and by transitioning leasing to a more traditional model.

Unit Information

UnitTypeSizeRent
90 UNITS1 BD/1 BA725 SF AVG.$950 MARKET
134 UNITS2 BD/1 BA920 SF AVG.$1,300 MARKET

Property Information

PIN 9880200342 Tax Value $16,888,700
Taxes $315,566.33 Lot Size 18.74 ACRES
Year Built 1986 Exterior BRICK, HARDBOARD
Floors CARPET, VINYL, TILE, LVT Foundation CRAWL, SLAB
HVAC CENTRAL AIR Owner Financing NONE
Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER CONNECTIONS
Legal Description S/S INT HWY 86 & SR 1777
Sold Date 12/30/2019