STONESTHROW APARTMENTS – 144 UNITS IN DURHAM, NC
SOLD 2/1/19 FOR $15,400,000
Stonesthrow Apartments is a 144-unit, garden-style apartment community located within the Research Triangle Park of Durham, NC. Built in 1979, the property consists of twelve buildings on 16 acres. The property offers a mix of one- and two-bedroom floor plans with amenities that include a community pool, playground area, tennis court and picnic areas. The property offers easy highway access to all the major employment centers in Raleigh, Durham and Chapel Hill and is immediately adjacent to the Research Triangle Park (RTP), the largest high-tech and medical research park in North America.
The property has been well-maintained, but is well-positioned for a value-add strategy that would capture income upside through strategic renovations. Deaton Investment Real Estate represented the buyer in this off-market transaction. The seller was represented by Colliers International.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 24 UNITS | 1 BD/1 BA | 700 SF | $779 AVG |
| 24 UNITS | 1 BD/1 BA | 745 SF | $808 AVG |
| 48 UNITS | 2 BD/1.5 BA | 885 SF | $892 AVG |
| 48 UNITS | 2 BD/1.5 BA | 945 SF | $880 AVG |
| 144 UNITS | $1.00 PSF AVG |
PROPERTY INFORMATION
| PIN | 0737-01-49-5370 |
| Tax Value | $10,073,127 |
| Taxes | $124,599.01 |
| Lot Size | 15.94 ACRES |
| Year Built | 1979 |
| Exterior | VINYL, WOOD |
| Floors | CARPET, TILE, LVT |
| Foundation | SLAB |
| HVAC | CENTRAL AIR, HEAT PUMPS |
| Utilities | PAID BY TENANTS |
| Legal Description | PROP-WARD ROBERT E JR |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS |
| Sold Date | 2019-02-01 |
| Zoning | RU-M |
Agent Information Michael Deaton
Location Map
STONESTHROW APARTMENTS – 144 UNITS IN DURHAM, NC