X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.