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.

Link To Tax Records
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

Location Map

EASTBROOKE APARTMENTS – 233 UNITS IN BURLINGTON, NC
Address: 1900 Morningside Dr, Burlington, NC 27217, USA Price: $ 19,850,000 Unit: