LITCHFORD 315 – 240 UNITS IN RALEIGH, NC

Price:

$83,000,000

Status:

Sold

Address:

6320 Dowd Forest Dr, Raleigh, NC 27615, USA

Overview:

SOLD 6/16/2022 FOR $83,000,000
$345,833 per unit

Deaton Investment Real Estate represented the seller and was the sole broker in this off-market transaction. Litchford 315 apartments is a class-A, garden-style community, built in 2021 featuring 240 units. The property boasts a brand new, modern-style amenity package that includes the following: fitness center, flex fitness area, clubhouse, breakfast bar, business center, dog park, pool, and grilling areas. Located in the heart of North Raleigh, this asset is set to thrive as it offers its residents the rare opportunity to live in the one of the most desirable locations in all of Raleigh. As market rents in Raleigh continue to increase alongside employment and wage growth, Litchford 315 is well positioned for future upside. The developer completed the lease-up in May of 2022.

Unit Information

UnitTypeSizeRent
72 UNITS1BD/1BA810 SF$1,500 - $1,600
120 UNITS2BD/2BA1,010 SF - 1,124 SF$1,700 - $1,800
48 UNITS3BD/2BA1,231 SF - 1,258 SF$1,900 - $2,000

Property Information

PIN 1717904482 Tax Value $37,581,506
Taxes $77,774.38 Lot Size 13.98 ACRES
Year Built 2021-2022 Exterior BRICK & VINYL
Floors CARPET, VINYL, LVP Foundation SLAB
HVAC CENTRAL AIR/HEAT PUMP Owner Financing NONE
Utilities PAID BY TENANTS Appliances RANGE, REFRIDGERATOR, DISHWASHER, MICROWAVE, WASHER/DRYER CONNECTION
Legal Description LO1 LITCHFORD ROAD APARTMENTS BM2020-01184 Zoning RX-3
Sold Date 06/16/2022