Trails Corner Apartments at 804-817 McMakin St. in Raleigh, North Carolina — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a 57-unit apartment complex in Raleigh, North Carolina, for nearly $10 million, according to a broker in Marcus & Millichap’s New Jersey office.
Known as Trails Corner Apartments, the property at 804-817 McMakin St. consists of 16 buildings just outside the central business district, according to a news release. Chez Eider, an investment specialist in Marcus & Millichap’s Saddle Brook office, represented the seller in the trade of the 8.62-acre complex, working alongside Ryan Gavigan, Nate McDaniel and Jim Davis from the firm’s North Carolina team.
Gavigan, Eider, McDaniel and Davis also procured the undisclosed buyer in the $9.975 million deal, which represents an in-place capitalization rate of 5.3 percent.
“There continues to be strong interest in value-add and cash-flowing assets from diverse buyer profiles and capital sources, investing in real estate for its intrinsic value and long-term capital appreciation,” Eider said. “The seller was East Coast-based, longtime client. Partnered with our local market experts, our collective teams leveraged a unified collaboration to maximize the marketing exposure to a wider buyer pool.”