COURTYARD APARTMENTS – 53 UNITS NEAR N.C. STATE

SOLD 2/28/19 FOR $3,392,000
Price included $75,000 deferred maintenance credit

The Courtyard Apartments are located within walking distance of N.C. State University and just three miles from Downtown Raleigh. Built between 1972 and 1973 the property features block construction, concrete slab floors and most of the roofs are flat. For two decades the current owner has operated the property with a strategy of providing basic housing at below-average rental rates to a renter-by-necessity customer base. As a result, the property has many long-term tenants and strong trailing financials, but also offers a heavy value-add opportunity to the investor wanting to renovate and raise rents.

The Courtyard is a mix of two-bedroom, one-bedroom and efficiency floor plans. All units feature a range and refrigerator with PTAC/zoneline HVAC units. The property has onsite laundry, ample parking and is sub-metered for water billing. The interior photos include a recently renovated two-bedroom unit and a non-renovated one-bedroom unit which is most similar to the balance of the units.