HILLSBOROUGH WEST VILLAGE APARTMENTS – 35 UNITS

PRICE:
$ 4,500,000
STATUS:
Sold
ADDRESS:
115 Holiday Park Rd, Hillsborough, NC 27278, USA
OVERVIEW:

SOLD 11/19/2021 FOR $4,500,000
$128,572 per unit

Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction.
Part of the Durham-Chapel-Hill MSA, Hillsborough is a supply-restricted market with high barriers to entry for multifamily development. Located approximately five minutes from Durham and Chapel Hill, Hillsborough is a growing suburb that offers immediate access to markets rich in employment, healthcare, education, arts and opportunity.

Built in 1997, the property features 35 units with a mix of two- and three-bedroom floor plans. Current ownership recently completed a capital improvement plan that included renovations to the onsite office, the build-out of a fitness center, general exterior improvements and interior renovations to 14 units. Coming out of renovations current ownership raised rents and has maintained over 93% occupancy for the last three months. With performance of the property already stabilized, the next owner can add value by raising lagging rents to market and renovating the interior of the other 21 units to capture additional income upside.

Less than one-quarter mile from Hillsborough West Village, a new Detention Center, an Environment and Agricultural Center and a new Parks Operation BaseĀ  being built by local government. The project is expected to be complete in the summer of 2021 at a costs of over $40m.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
15 UNITS 2 BD / 1 BA 773 SF $900
20 UNITS 3 BD / 1 BA 921 SF $1,000
PROPERTY INFORMATION
PIN 9865503608
Tax Value $2,661,100
Taxes $44,177
Lot Size 5.9 ACRES
Year Built 1997
Exterior VINYL
Floors LVP, CARPET, VINYL
Foundation SLAB
HVAC CENTRAL AIR
Utilities PAID BY TENANT
Legal Description D BETTY HICKS NE INT CORNELIUS ST & HOLIDAY PARK RD P41/123
Appliances RANGE, REFRIGERATOR, DISHWASHER, ONSITE LAUNRY ROOM
Sold Date 2021-11-19
Zoning MF

Location Map

HILLSBOROUGH WEST VILLAGE APARTMENTS – 35 UNITS
Address: 115 Holiday Park Rd, Hillsborough, NC 27278, USA Price: $ 4,500,000 Unit: