EASTBROOKE APARTMENTS – 233 UNITS IN BURLINGTON, NC
PRICE:
$
19,850,000
STATUS:
Sold
ADDRESS:
1900 Morningside Dr, Burlington, NC 27217, USA
OVERVIEW:
SOLD 12/30/20 FOR $19,850,000
$85,193 per unit
Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction. Eastbrooke Apartments is located in the suburban market of Burlington, NC, which links the Triangle (Raleigh, Durham, Chapel Hill) and Triad (Greensboro, Winston-Salem, High Point) regions. The property features 143 units built in 1970 and another 90 units completed in 2019. Purchased during lease-up of the newest phase, the property offers the ability to push rents in line with comparable properties once stabilized.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 1970 - 16 UNITS | 1 BD/1 BA | 805 SF | $600 |
| 1970 - 91 UNITS | 2 BD/1 BA | 1094 - 1253 SF | $700 |
| 1970 - 36 UNITS | 3 BD/2 BA | 1266 SF | $800 |
| 2019 - 36 UNITS | 1 BD/1 BA | 650 SF | $750 |
| 2019 - 54 UNITS | 2 BD/1 BA | 870 SF | $850 |
| 233 UNITS TOTAL |
PROPERTY INFORMATION
| PIN | 8885076023, 8885160959, 8885171105 |
| Tax Value | $3,978,119 (PENDING VALUATION OF NEW CONSTRUCTION) |
| Taxes | $50,162.61 (PENDING VALUATION OF NEW CONSTRUCTION) |
| Lot Size | 14.69 ACRES |
| Year Built | 1970 & 2019 |
| Exterior | BRICK, HARDBOARD, VINYL |
| Floors | CARPET, VINYL, LVT |
| Foundation | SLAB |
| HVAC | CENTRAL A/C, HEAT PUMP |
| Utilities | OWNER PAYS WATER |
| Legal Description | EASTBROOKE APTS |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS |
| Sold Date | 2020-12-21 |
| Zoning | MF |
Agent Information Michael Deaton
Location Map
EASTBROOKE APARTMENTS – 233 UNITS IN BURLINGTON, NC
Address:
1900 Morningside Dr, Burlington, NC 27217, USA
Price: $
19,850,000
Unit:
233