UNIVERSITY APARTMENTS – 199 UNITS AT NC STATE

Price:

$21,300,000

Status:

Off Market

Address:

700 Ryan Ct, Raleigh, NC 27606, USA

Overview:

SOLD 10/4/19 FOR $21,300,000
Deaton Investment Real Estate represented the buyer and was the sole broker in this off-market transaction.

University Apartments are located adjacent to Centennial Campus at N.C. State University in Raleigh. N.C. State is home to more than 35,000 students and 9,000 faculty and staff. Enrollment aims to add another 3,000 students over the next five years.

University Apartments are a collection of buildings built between 1958 and 2002 that total 199 units spread over 22 acres. This is the first transfer of ownership from the family that built and operated the apartments. The property has a historic occupancy rate of 98% with below market rents. The location and legacy of the asset presents a great value-add or redevelopment opportunity.

Property Information

PIN 36 PARCELS Tax Value PENDING 2019 REAPPRAISAL
Taxes PENDING 2019 REAPPRAISAL Lot Size 22.7 ACRES COMBINED
Year Built 1958 - 2002 Exterior BRICK, HARDBOARD
Floors CARPET, VINYL, TILE, HARDWOOD Foundation CRAWL
HVAC CENTRAL AIR, HEAT PUMPS Owner Financing NONE
Utilities PAID BY TENANTS Appliances RANGE, REFRIGERATOR, W/D CONNECTIONS
Legal Description 36 PARCELS Zoning R-10