Slideshow Image

501 Estates

Posted: 5/3/2023
270 Units
Want to add this to My Listings (or tell us why you're not interested)?
Log In or Register ...

Photos

Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates
Sold
Slideshow Image
501 Estates

About

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.