HILLSBOROUGH, NC—Capstone Apartment Partners has closed the $22.7 million sale of Heritage Apartments: a 143-unit garden-style apartment community in Hillsborough, North Carolina. Situated just off Interstate 85, the tree-lined community is comprised of six three-story, all-brick apartment buildings on 15.76 acres of land.
The Capstone transaction team was led by Alex McDermott, Austin Green, and Rhodes Marley, who sold the property on behalf of 10 Federal Companies. The buyer, Silver Point Group, plans to make moderate upgrades to the property to better position the asset within the market and take advantage of its proximity to Chapel Hill and Durham.
“Heritage Apartments offers a unique opportunity for future organic growth, as well as a proven platform for continuation of value-add initiatives for new ownership to further enhance,” said McDermott. “Hillsborough continues to attract extremely favorable tenants due to its’ proximity to the Research Triangle, with a significantly lower cost of living. Due to the mass in-migration enhanced by the pandemic, Hillsborough will continue this growth as it lies in the path of progress as growth from the Research Triangle continues to push outward along I-85.”
Built in 2000, Heritage Apartments features 143 spacious one-, two-, and three-bedroom units with fully equipped kitchens, ceiling fans, wood-style flooring, and washer/dryer connections. Community amenities include a swimming pool, playground, business center, fitness center, clubhouse, and laundry facilities. Heritage Apartments was approximately 96% occupied at the time of closing.