Meet Midtown 501 the MHN Excellence Silver in ‘Value-Add’
- Feb 25, 2016
Chapel Hill, N.C.—When local developer Eller Capital Partners acquired The Apartments at Midtown 501—a Silver winner in the MHN 2015 Excellence Awards Best Value-Add Renovation Category—in October 2013, the property was 40 years old, outdated and in need of serious maintenance and repairs.
In a short period of time, Eller, along with JFA Architecture, transformed the former Foxcroft Apartments into The Apartments at Midtown 501, Chapel Hill’s premier, luxury apartment community located at Franklin Street.
Foxcroft Apartments was a 248-unit community built in 1974 that had once been one of the most popular communities in Chapel Hill for young professionals and students at the University of North Carolina. However, by 2013, the community had aged considerably and accumulated a large amount of deferred maintenance. Eller spent more than $40,000 per unit to redevelop the old Foxcroft community into The Apartments at Midtown 501.
Today, Midtown 501 offers luxury apartments featuring granite countertops, stainless steel appliances, walk-in closets, as well as patios and balconies.
Eller’s $36 million acquisition and redevelopment of Midtown 501 has filled a major gap in the Chapel Hill housing market. Before Eller entered the market, Chapel Hill residents had to choose between two extremes: new, luxury apartments that are very expensive and scarce (only 430 units built in the last decade); or older, less-expensive apartments that lack the modern finishes and amenities renters expect. Eller’s decision to significantly renovate an existing property, instead of tearing it down and rebuilding from the ground up, has resulted in modern, luxury apartments at a price point that is within reach of most people who work in Chapel Hill, with rents from $1,200 to $1,950. While the scope of the renovation made it difficult to execute, the end result transformed a Class C asset into a Class A community.
The community is just three miles from Downtown Chapel Hill and five minutes to UNC Chapel Hill. Within the community, residents have access to a Starbucks in the leasing office, balconies, walking trails, a state-of-the-art fitness center with a yoga area, resort-style pool with cabanas and a volleyball court, and residential lounge with business center, billiards, virtual sports simulator and 22 large-screen TVs.