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.

Unit Information

UnitTypeSizeRent
66 Units1-Bedroom800 - 1035 SF$900 - $1,025
93 Units2-Bedroom1045 - 1250 SF$1,000 - $1,100
25 Units3-Bedroom1335 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 Owner Financing NONE
Utilities PAID BY TENANT Appliances RANGE, REFRIGERATOR, DISHWASHER, WASHER/DRYER
Legal Description LOFT APT/CONSOLIDATED CAPITAL BM1998-1230 Zoning CUD R-10
Sold Date 08/17/2018