King Properties Pays $84.75M for New Durham Apartments
A Marcus & Millichap team led by John Daly represented the buyer, King Properties. Kelby Farms, a partially completed 277-unit multifamily property in Durham, North Carolina sold for $305,957 per unit. Daly added, “At the time of the sale, two of the property’s 10 buildings remained under construction and are scheduled for completion in October. The completed portion of the asset is 70% occupied, illustrating strong demand for new well-located apartment assets in Raleigh-Durham.”
The property is within a short commute of Downtown Durham, Downtown Chapel Hill and Research Triangle Park. The grocery-anchored Patterson Place shopping plaza is within walking distance. Additional shopping, restaurants and entertainment are close by on Durham-Chapel Hill Boulevard and at the Southpoint Mall.
Located on 10 acres, Kelby Farms has a resort-style swimming pool, fitness center, workstations, study areas and a game lounge. The property’s studio, one-, two- and three-bedroom apartments have full-size washers and dryers, large closets and a patio or balcony. The average unit size is 1,001 square feet.
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