Triad Apartment Acquisition Market Keeps on Rollin'
The apartment acquisition market in the Triad has been hot enough that it's become a front page story for the Triad Business Journal, which you'll find here. Want to know exactly how hot the market is? Check out this recent deal in Burlington covered by TBJ:
Magna Equities of Manhattan Beach, Calif., bought Eastbrooke Apartments, 1900/2003/2006 Morningside Drive, from an LLC controlled by Jason DeBoer and Jeffrey Gabriel of Burlington for $19.85 million.
The 144-unit community, built in 1970, sits on more than 8 acres, just southeast of the corner of Morningside and Graham-Hopedale Road in northeast Burlington...
The community, graded online as C- in Alamance County records, last sold for $728,000 in November 2012. The tax value was listed as $1.55 million.
Correction: Thanks to a sharp eyed reader who pointed out that the unit count in the article is wrong. According to other sources, like CoStar, the unit count is 244, so the per door price is $81,352. Originally I wrote that if the numbers in the article are right, then that works out to $137,847 a door. Those correct numbers are still very strong, but not as eye popping as they seemed when reading the article. My apologies for not catching that before posting.