COROJO APARTMENTS – 44 UNITS IN DURHAM

SOLD 4/16/19 FOR $4,500,000

The 44-unit Corojo Apartments are located one mile from Downtown Durham and Duke University. The property is within steps of the redeveloping Lakewood shopping center and neighborhoods that have seen median single-family home prices increase from approximately $100/sf to nearly $200/sf in the last seven years.

Of the 44 units, 32 units are 2 BD/1 BA floorplans, eight units are 3 BD/2 BA floorplans, and four units are 4 BD/2 BA floorplans. Over the last two years, all but three units have been renovated and feature new flooring, blinds, lighting fixtures, plumbing fixtures, counter tops and appliances. A buyer will have the benefit of stabilized occupancy above 95% and further growing a postitive income trend by raising lagging rents, completing renovations and continuing to implement new billing programs to recapture water and trash expenses.