184 Units in North Raleigh

PRICE:
$ 24,000,000
STATUS:
Sold
ADDRESS:
214 Loft Ln, Raleigh, NC 27609, USA
OVERVIEW:

SOLD 8/17/18 for $24,000,000
$130,434/unit

Deaton Investment Real Estate represented the buyer in the acquisition of Hawthorne Midtown apartments. Upon purchasing the property, the buyer re-branded the community as Lofts at Midtown. The seller was represented by ARA Newmark.

This core, B-class asset offers an opportunity to raise rents through modest renovations. The property is located in North Raleigh along the Six Forks corridor, within minutes of North Hills, I-440 and I-540. Originally built in 1975, the 184-units are a mix of 1-, 2- and 3-bedroom units.

Link To Tax Records
UNIT INFORMATION
Unit Type Size Rent
66 Units 1-Bedroom 800 - 1035 SF $900 - $1,025
93 Units 2-Bedroom 1045 - 1250 SF $1,000 - $1,100
25 Units 3-Bedroom 1335 SF $1,150 - $1,250
PROPERTY INFORMATION
PIN 1706575340
Tax Value $12,128,669
Taxes $136,197.84
Lot Size 20.99 ACRES
Year Built 1975
Exterior HARDBOARD
Floors LVT, VINYL, CARPET
Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMP
Utilities PAID BY TENANT
Legal Description LOFT APT/CONSOLIDATED CAPITAL BM1998-1230
Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER
Sold Date 2018-08-17
Zoning CUD R-10

Location Map

184 Units in North Raleigh
Address: 214 Loft Ln, Raleigh, NC 27609, USA Price: $ 24,000,000 Unit: 184