CHATEAU APARTMENTS – 168 UNITS IN CARRBORO, NC

SOLD 6/30/25 for $21,000,000 or $125,000 per unit

Built in 1969, Chateau Apartments, are located three miles west of downtown Chapel Hill and the University of North Carolina at Chapel Hill (UNC). Spread over more than 15 acres, the property features garden-style, two-story buildings with all one-bedroom units, a leasing office, laundry room, fitness center, ample open grounds, and a swimming pool. Current ownership has invested more than $1.6m in recent improvements including an institutional level update and refresh to the clubhouse, leasing areas and fitness center. Water submeters were also installed in every unit. In addition, extensive interior renovations to 93 units were completed at an average cost of $9,000 per unit. These renovations included new flooring, cabinets, countertops, plumbing fixtures, lighting fixtures and more.

Chateau Apartments offer a proven value-add opportunity in a growing, thriving, and diverse economic location. Located in Carrboro, Chateau Apartments are a short five-minute drive to UNC, a power-five school with more than 13,000 employees and 29,000 students. UNC is consistently rated one of the top five public universities in the United States and is also home to UNC Hospitals and the UNC School of Medicine. The hospital offers more than 900 beds and is comprised of NC Memorial Hospital, NC Children’s Hospital, NC Neurosciences Hospital, and NC Women’s Hospital. The property is also located within the greater Research Triangle Park region of Raleigh-Durham-Chapel Hill. Research Triangle Park is one of the largest research parks in the world. It is a major center for technology and biotech industries, contributing to the local economy and providing numerous employment opportunities.

Within a three-mile radius, the demographic profile boasts elevated household incomes of more than $120,000. This area has also experienced household growth of more than 15% over the last decade and continues to see expanding economic, population, and job growth. The area boasts a lively cultural scene with various arts venues, museums, and festivals. It is surrounded by beautiful natural areas, including the North Carolina Botanical Gardens and several parks and trails. The area also offers a diverse culinary landscape with many restaurants, cafes, and breweries.