Taurus Lands First NC Property for $34M
- Aug 14, 2017
Taurus Investment Holdings entered the North Carolina market following the acquisition of Olde Raleigh, a 228-unit community in the Northwest Raleigh submarket. Chaucer Creek Capital sold the garden-style property for $33.5 million. According to Yardi Matrix data, the seller purchased the multifamily asset back in 2013 from Fairfield Residential for $27 million. The 2013 sale was subject to a $19.5 million loan held by Bankers Life Insurance Co.
Located at 4000 Grand Manor Drive, the roughly 14-acre community is less than 10 miles from downtown Raleigh. Interstates 40 and 440 provide access to the Research Triangle Park area as well as major lifestyle centers and a medical submarket. Built in 1994, the community features 68 one-, 140 two- and 20 three-bedroom units, ranging from 716 to 1,523 square feet. Amenities include:
- fitness center
- business center
- swimming pool
- laundry facilities
- 550 parking spaces
“At Olde Raleigh, we saw an opportunity to renovate an already established development with improved apartment finishes and additional amenities. When combined with the area’s top-tier education institutions, nearby retail and easy access to major employment nodes, we look forward to actively expanding our operating presence in North Carolina and are confident in Northwest Raleigh’s fundamentals,” said Taurus Investment Holdings CEO Peter Merrigan, in a prepared statement.
The 19-building property was 95.2 percent occupied, as of June 2017.
Image courtesy of Yardi Matrix