CHAPEL HILL, NC-Dallas-based Crow Holdings has acquired the 200-unit Notting Hill apartment complex for $25.3 million. The sellers of the property were Charlotte-based Wood Partners and Greensboro-based Steven D. Bell & Co.

Atlanta-based Apartment Realty Advisors advised on the sale. ARA North Carolina principal Dean Smith tells GlobeSt.com that the occupancy level of the property was in the high 90s at the time of the sale and the price per unit is below replacement cost. "The sellers had owned the property since it was developed," he says. "After a seven-year hold period it was time to sell."

The property has immediate access to the Research Triangle Park, where companies such as IBM, Nortel Networks and Cisco Systems are located. It is also near Duke University, the University of North Carolina and North Carolina State University. Smith adds that property is unique due to Chapel Hill's strict regulations regarding development. The city council has historically been opposed to high-density residential development in an attempt to preserve the historic nature of the area. As a result, the entitlement process generally takes three to four years.

"This property is only one of three communities in the area built since 2000," Smith says. "It will likely remain one of the newer properties for some time because of rezoning difficulties. The Chapel Hill market has an extremely high barrier to entry."