NC Apartments Trade for $15M

Sovereign Development has acquired the 120-unit community.

Alexander Pointe AptsMebane, N.C.—Sovereign Development Co. LLC has acquired Alexander Pointe Apartments for $14.8 million from First Mebane Properties LLC and developer Dennis Euless of Graham, N.C. The 120-unit community, at 102 Village Dr. in Mebane, N.C., was mostly completed earlier this year.

Almost of all the property’s first 96 units were leased before the sale; soon after, the remaining 24 units were completed. Common amenities include a saltwater swimming pool, putting green, dog park and a clubhouse with a fitness center and a conference room.

According to Apartment Dynamic’s Mary Gwyn, new ownership will need to add new signage and take care of additional landscaping, but on the whole the property is complete. Eventually the North Carolina Department will re-route a portion of the nearby highway NC 119, necessitating a new entrance for the property.

Mebane is a town of about 11,300 not far from the Raleigh-Durham-Chapel Hill metro market. It’s a growth market for apartments, with about 700 units completed in the last two years—including Alexander Pointe Apartments—and roughly an equal number under construction.

Other nearby apartments include the Lofts at White Furniture, the redevelopment of a former furniture warehouse in downtown Mebane, which added 156 units in downtown Mebane last year. Also, the 330-unit Keyston at Mebane Oaks is currently under construction in Mebane.

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