Fund Completes Sale of Chelsea Commons

Timbercreek U.S. Multi-Residential Opportunity Fund #1 sold a 250-unit community in Chapel Hill, N.C.
The Chelsea Commons in Chapel Hill, N.C.

The Chelsea Commons in Chapel Hill, N.C.

Chapel Hill, N.C.—Timbercreek U.S. Multi-Residential Opportunity Fund #1 recently announced it has marketed the sale of Chelsea Commons, a 250-unit property in Orange County.  The property was originally purchased in December 2013 and was recently sold for $24 million.

Located at 180 BPW Club Rd., the 1987-built Chelsea Commons used to be known as Landmark at Chelsea Commons or Colonial Village at Highland Hills. According to Yardi Matrix data, the community is currently 87 percent occupied and consists of 49 one-, 125 two- and 76 three-bedroom units. Chelsea Commons has 20 buildings with two and three stories. Residents benefit from a fitness center, business center, tennis court, swimming pool and 650 parking spaces.

To date, the Fund has completed a repositioning and rehabilitation program across each of the eight original assets within its portfolio. The final asset in the fund, Alexander Pointe, is also now under contract and is anticipated to be sold within the month.

Image courtesy of Yardi Matrix