Eller Capital Buys NC Community for $19M
- Jul 05, 2019
After buying the asset as part of a 40-property portfolio last year in partnership with PGIM Real Estate, Carroll Org. has sold the 188-unit Crest at West End in Carrboro, N.C., to Eller Capital Partners for $19.3 million, per Yardi Matrix information. LaSalle Mortgage Real Estate Investors provided a $20.4 million acquisition and development loan to the new owner.
HFF’s Justin Good and Jeff Glenn represented the seller in the deal. The same team also worked on Carroll’s behalf in the recent sale of Spring Forest, a 404-unit community 20 miles east of Crest at West End.
Located at 200 Highway 54 W. in a residential area, the property is within walking distance of public transit and close to several retail and dining options. The asset is less than 5 miles from University of North Carolina at Chapel Hill and North Carolina Memorial Hospital, while downtown Durham, N.C., is roughly 15 miles away.
The Crest at West End consists of one- and two-bedroom apartments in 16 two- and three-story buildings completed in 1988 on a 13-acre site. Common-area amenities include an indoor pool, fitness center, playground and clubhouse. Eller plans to begin capital improvement work, which will include updates to amenities and units as well as the addition of technology to improve the asset’s energy efficiency. At the time of the sale, the community was 95.7 percent occupied.