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Atlanta & Southeast  + Southeast  + Apartments  |  October 29, 2020
Raleigh-Durham is one of six top U.S. tech office markets to have experienced positive absorption in the past two years
David Cohen
By: David Cohen

Raleigh Multifamily Property Trades for $16M

Eller Capital Partners has divested from the Flats on 7th, a 136-unit multifamily property in Raleigh. The property sold for $15.8 million to a private out of state investor.

Eller acquired the 126,300-square-foot property in 2017 and completed a series of strategic renovations to upgrade and modernize the community, which was built in 1982. Upgrades included stainless steel appliances, granite countertops, new plumbing fixtures, designer cabinetry doors and vinyl plank flooring. Enhancements at the rest of the property included a new clubhouse, leasing office, fitness center, a coffee lounge and an internet cafe.

Watson Bryant, Paul Marley and Jordan McCarley from Cushman & Wakefield’s Multifamily Advisory Group represented Eller in the transaction.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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