PARKSIDE FIVE POINTS – 41 UNITS IN RALEIGH

Sold 9/10/19 for $5,100,000. Deaton Investment Real Estate was the seller’s exclusive agent and the sole broker in the transaction.

Parkside Five Points offers spacious, town home-style apartments in Raleigh’s Five Points neighborhood. With convenient access to the Beltline, North Hills, and downtown Raleigh, these apartments enjoy a premier location nestled in a peaceful and quiet setting. The property is across from Raleigh’s Kiwanis Park, and within walking distance to numerous dining, shopping and entertainment options.

Originally built in 1968, current ownership recently updated all the unit finishes with new cabinets, counter tops, appliances, flooring, blinds, fixtures and more. Additionally, all roofs were replaced in 2015. The property offers covered picnic areas, modern grilling stations, a dog park and spacious grounds for leisure and community gardens.

With new management in place since March of 2019, leasing velocity has improved and the property is projected to be 100% leased this summer. New lease signings achieved rent rates of $1,295 or higher, offering the opportunity to raise in-place rents at renewals.