CREEKSIDE LANDING – 200 UNITS IN DURHAM, NC

SOLD 11/5/25 for $28,650,000
$143,250 per unit

Deaton GREA is pleased to present, as the exclusive listing agent for the seller, a garden-style, value-add, multifamily community in the heart of Raleigh-Durham, North Carolina. Built in 1985, Creekside Landing Apartments feature 200 units, in two-story buildings, spread over more than 20 acres. The property offers residents an onsite office, fitness center, swimming pool, dog park, laundry room, and spacious grounds.

Creekside Landing is strategically located in the growing, thriving, and diverse economic hub of Durham, NC. Durham experienced an increase in average household income of more than 6% in recent years (BLS). Additionally, between 2020 and 2030 Durham is projected to add more than 40,000 residents, representing a 12.5% growth in population (OSBM). This growth is primarily driven by the entrepreneurial and academic-rich culture of Duke University along with the world-class healthcare offered by neighboring Duke University Medical Center and Duke Health locations. Durham is also home to Research Triangle Park, the leading and largest high technology research and science park in North America. Durham has been recognized by U.S. News as one of the Best Cities to Live in the U.S. and one of the Best Places to Start a Business by WalletHub.

These market economic fundamentals along with the currently-stabilized performance of the asset, present a compelling value-add opportunity for Creekside Landing Apartments. The asset features a mix of 68, one-bedroom and 132, two-bedroom apartments that average more than 1,000 SF in size. Seventy-three percent of the units (147) were updated approximately ten years ago and the remaining units feature classic finishes. Average rents for updated units are currently $1,183. Classic units have an average rent of $1,051. Comparable properties in the market indicate a value-add renovation strategy would result in an additional twenty-five percent rent premium for the units with ten-year-old updates and a forty percent rent premium for the classic units.  This value-add, renovation strategy represents the opportunity to increase monthly rental revenue approximately $65,000.