TRIANGLE PARK – 120 UNITS, DURHAM’S RESEARCH TRIANGLE PARK, NC

Deaton Investment Real Estate is pleased to offer Triangle Park Apartments as the exclusive sales representative. Triangle Park Apartments are located adjacent to Research Triangle Park, America’s largest research campus featuring over 250 companies and 50,000 employees. Spread over 11.5 acres, the amenities and grounds provide a suburban and peaceful feel for a property just minutes from the area’s most populated commercial districts.

Featuring a market-targeted mix of one-, two-, and three-bedroom floor plans, the property combines comfortable units with a strong value of amenities and a convenience-rich location.  Amenities include a swimming pool, outdoor lounge and fire pit, open space, dog park and resident clubhouse with coffee bar. Triangle Park is perfectly positioned with convenient access to major transportation corridors and multiple retail, entertainment, education, healthcare and employment centers.

Triangle Park Apartments are ideally positioned for a proven, value-add program. Current ownership recently completed a capital improvement plan that included painting the exterior of every building, remodeling the clubhouse, upgrading amenities and renovating the interior of 30 units (25% of the property). Since 2017, ownership has invested nearly $900,000 in capital projects.

The interior renovations consisted of cosmetic upgrades, costing an average of $6,000 per unit and achieved an average rent increase of 24%. This proven, value-add strategy will provide new ownership the opportunity to increase revenue an estimated $127,500 annually by renovating the remaining 90 units for an estimated cost of $540,000. Additionally, water is currently included in the rent. However, the market standard is for tenants to pay for water. By submetering for water, the new owner could recapture and estimated $34,000 in annual water costs.