600 Units in North Raleigh

Price:

$63,000,000

Status:

Sold

Address:

6615 The Lakes Dr, Raleigh, NC 27609, USA

Overview:

SOLD 04/2019 FOR $63,000,000

Deaton Investment Real Estate represented the buyer in the acquisition of Hawthorne North Ridge Apartments. Upon purchasing the property, the buyer re-branded the community as Willow Creek North Ridge. The seller was represented by ARA Newmark.

This core, B-class asset offers an opportunity to raise rents through strategic renovations. The property is located in North Raleigh within minutes of North Hills, I-440 and I-540. Originally built in 1973, the property includes an undeveloped 40 acres of adjacent land.

 

Unit Information

UnitTypeSizeRent
600 Units1 & 2 BEDROOM535 - 1000 SF$735 - $950

Property Information

PIN 1717003706 Tax Value TBD
Taxes TBD Lot Size 73 ACRES
Year Built 1973 Exterior HARDBOARD
Floors LVT, VINYL, CARPET Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMP Owner Financing NONE
Utilities PAID BY TENANT Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER
Legal Description LO3 NORTH RIDGE APARTMENTS BM2019-00636 Zoning PUD
Sold Date 04/18/2019