STONESTHROW APARTMENTS – 144 UNITS IN DURHAM, NC

Price:

$15,400,000

Status:

Sold

Address:

3207 Stones Throw Ln, Durham, NC 27713, USA

Overview:

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

UnitTypeSizeRent
24 UNITS1 BD/1 BA700 SF$779 AVG
24 UNITS1 BD/1 BA745 SF$808 AVG
48 UNITS2 BD/1.5 BA885 SF$892 AVG
48 UNITS2 BD/1.5 BA945 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 Owner Financing NONE
Utilities PAID BY TENANTS Appliances RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTIONS
Legal Description PROP-WARD ROBERT E JR Zoning RU-M
Sold Date 02/01/2019