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 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 | Owner Financing | NONE |
| Utilities | OWNER PAYS WATER | Appliances | RANGE, REFRIGERATOR, DISHWASHER, WASHER & DRYER CONNECTIONS |
| Legal Description | EASTBROOKE APTS | Zoning | MF |
| Sold Date | 12/21/2020 |
