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

UnitTypeSizeRent
1970 - 16 UNITS1 BD/1 BA805 SF$600
1970 - 91 UNITS2 BD/1 BA1094 - 1253 SF$700
1970 - 36 UNITS3 BD/2 BA1266 SF$800
2019 - 36 UNITS1 BD/1 BA650 SF$750
2019 - 54 UNITS2 BD/1 BA870 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