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Monday, 21 October 2013

N.C. Apartment Property Fetches $22.3Mln

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An affiliate of Eller Capital Partners has paid $22.3 million, or roughly $89,919/unit, for the Foxcroft Apartments, with 248 units in Chapel Hill, N.C.

The Chapel Hill company bought the 40-year-old property, at 545 Ashley Court, from Douthit & Co. of Raleigh, N.C., which was represented by Multi Housing Advisors of Charlotte, N.C.

Eller has lined up $25.85 million of financing from Latitude Management Real Estate Investors, a Los Angeles investment manager formerly known as Legg Masson Real Estate Investors. Proceeds of the three-year loan were used to fund the property's purchase and a substantial renovation. NorthMarq Capital arranged the debt.

The property has units with up to three bedrooms and includes a playground, tennis court and business center.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • States: North Carolina
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $10 million and $25 million
  • Private: No
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Dan Moynihan

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