501 Estates

About 501 Estates

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 501 Estates, a 270-unit apartment community in Durham, North Carolina. 501 Estates is in a premier pocket of Durham that is bolstered by robust submarket fundamentals and a stellar tenant base. Southwest Durham’s effective rents have increased 38% since 2018 and are anticipated to grow an additional 16% through 2026. Average HHI is over $125K, 76% of the population is white collar, and 66% have graduated with a bachelor’s degree or higher. Ideally situated near Durham-Chapel Hill Blvd, the asset has streamlined access to the plethora of retail options that line the throughfare as well as 65,000 Eds & Meds jobs stemming from Duke University (6 minutes) and UNC Chapel Hill (14 minutes), two tier I educational institutions with esteemed healthcare systems. Additionally, a location less than 10 minutes from I-40 and I-85 provides residents a direct connection to the 500K+ Triangle Market jobs that are within a 30-minute commute. Built in 2001, 501 Estates offers a picturesque setting with mature foliage set on 30+ unique, park-like acres and a top-of-the-market amenity set including a brand new 3,000 SF free standing gym. The asset is distinctive from Class A and B product in the submarket as townhome (2-car garage) and cottage (1-car garage) style units comprise nearly 35% of the unit mix. New ownership has the opportunity to leverage an extremely unique, core plus value-add asset in a sought-after location of the Research Triangle. Proximate comparable assets demonstrate $200+ headroom that can be closed through completion of a proven renovation program and mark-to-market leasing.