MARQUIS GARDENS APARTMENTS – 400 UNITS IN DURHAM, NC

Price:

$63,350,000

Status:

Sold

Address:

901 Chalk Level Rd, Durham, NC 27704, USA

Overview:

SOLD 3/24/2022 FOR $63,350,000
$158,375 per-unit

Deaton Investment Real Estate represented the buyer and Cushman Wakefield represented the seller in this transaction. Marquis Gardens Apartments is a 400-unit, garden-style apartment community located in Durham, NC. Built in 1972, the property offers a mix of one-, two-, and three-bedroom floor plans with amenities that include a community pool, playground area, dog park, picnic areas, and laundry facilities. This offering is a great opportunity for a buyer to continue a proven value-add strategy for an asset in a thriving submarket.

Unit Information

UnitTypeSizeRent
80 UNITS1BD/1BA600 SF$850-$1,145
240 UNITS2BD/1BA850 SF$1,050-$1,215
80 UNITS3BD/1.5BA1,100 SF$1,150-$1,315

Property Information

PIN 0823-11-66-2867, 0823-11-56-6356 Tax Value $25,738,394
Taxes $327,881.41 Lot Size 52.158 ACRES
Year Built 1972 Exterior BRICK
Floors CARPET, VIYNL Foundation SLAB
HVAC CENTRAL AIR, HEAT PUMPS Owner Financing NONE
Utilities TENANT PAYS UTILITIES Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTONS (FOR SOME UNITS)
Legal Description PROP-GA HAMPTON FOREST LL C/LT#01-02 PT, PROP-SOUTHLAND ASSOCIATES -DEMPSEY ELLIS Zoning RS-M
Sold Date 03/24/2022