Sold: Carrboro Apartments Fetch $40 Million from Investment Group
Topic:
A Carrboro apartment complex changed hands last week when a Minnesota investment firm spent $40 million on the deal.
On Aug. 31, Wayzata, Minnesota-based CP VCH paid $40.25 million for 307-unit The Villages of Chapel Hill apartment community, equating to $131,107 per unit. CP VCH LLC is managed by Minnesota-based Calvera Partners principals Brian Milovich, Brian Chuck and David Saxe, according to state records.
The property is situated on 19.5 acres at 500 Smith Level Road amid a collection of apartment communities east of University Lake. The seller, Woodmere, New York-based Cedar Grove Partners, bought the property in 2019 for $34.5 million.
Built in 1974, the property features a collection of studio, one-, two- and three-bedroom units across a collection of 2-story buildings.
Rental rates at the apartments range from $875 a month for smaller units to as high as $1,560 a month for larger ones, according to Apartments.com. Amenities include a playground, fitness center and clubhouse among others.
Calvera Partners, which also has offices in San Francisco, lists properties in California, Texas and Minnesota.
The property joins a number of multifamily deals in the Triangle as rental rates continue to rise across the region and country.
Also In Carrboro, Berkshire 54 Owner LP paid $39.2 million for the 296-unit Berkshire 54 apartment community last month in a deal equating to $132,432 per unit. The company shares an address with Bethesda, Maryland-based ASB Real Estate Investments, according to state records.
And in July in Durham, Texas-based BL Triangle LLC paid $19.1 million for the 120-unit Triangle Park Apartments.
Author
Multifamily values have declined 20-30% since 2022. They are likely to get a boost when the Fed starts cutting interest rates. Once that happens, it may be too late to get in. Don’t wait and risk missing a potentially significant multifamily market upswing opportunity.
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