NC Apartments

Property Summary

Type: Multifamily
Size: 199 units
Location: North Carolina

Acquisition Summary

Source: Off-market
Investment: $5.5 million
Ownership: LP equity interest

Transaction Overview

Equity Resource Fund 2020 partnered with a new sponsor to acquire, renovate, and operate an off-market multifamily property with a total of 199 units in North Carolina.  The asset is located approximately 6 miles north of downtown Raleigh and 3 miles to the east of the North Hills neighborhood.  The area has a high level of educational attainment with approximately half of residents having earned some form of college degree.  Within a 5 mile radius of the asset, there are approximately 170,000 jobs, a majority of which are in the professional services, technology, finance, education, and healthcare industries

The Sponsor owns multiple multifamily properties in Raleigh, NC and based on their success in executing similar value-add business plans in the market, believes that an opportunity exists to implement an interior renovation plan, in addition to an upgrade to the common area amenity package, in order to achieve rent premiums above in-place rents.  Once the renovation is complete, the property will provide attractive units in a supply-constrained submarket for Class B assets with strong fundamentals that continue to improve.