Taurus Snags $34M Raleigh Community
Acquired from Chaucer Creek Capital, the 23-year-old property in the city's Northwest submarket is slated for a major makeover.
By IvyLee Rosario
Olde Raleigh aerial
Taurus Investment Holdings acquired the Olde Raleigh garden-style apartment community in the Northwest submarket of Raleigh, N.C. The company purchased the property from Chaucer Creek Capital for $33.5 million.
Located at 4000 Grand Manor Court, the 228-unit community features one-, two- and three-bedroom floorplans ranging from 716 to 1,523 square feet. Interior features include gourmet kitchens, walk-in closets, washer/dryer connections, bay windows, crown molding, nine-foot ceilings, garden tubs, faux wood plank flooring, private balcony/patios, brushed nickel faucets, stainless steel appliances, refinished white cabinets, spring carnival faux granite counter tops, columns and built-in bookshelves.
Amenities with an upgrade
“Taurus plans to execute an extensive renovation plan throughout the property including: high-quality interior renovations of the apartment homes, new and upgraded amenities on site, exterior cosmetic improvements, and sustainability upgrades that will save our tenants money on both water and energy bills,” Kevin Murphy, Taurus’ director of multifamily acquisitions, told Multi-Housing News. “Taurus has targeted the Triangle region of North Carolina based on the strength of its economic drivers and favorable cost of living.”
Constructed in 1994, the property is currently 95.2 percent occupied, according to Yardi Matrix. Olde Raleigh comprises 19 two- and three-story buildings. Residents have access to amenities such as:
- a 24-hour laundry facility
- car care center
- business center with Wi-Fi
- 24-hour fitness center
- swimming pool with sundeck
- community clubroom
- private garages
- outdoor grilling station with barbecues
- resident conference lounge
- 550 parking spaces
“Fueled by world-renowned higher education institutions, innovative technology companies and top medical providers, we believe Raleigh represents one of the best investment markets in the country,” added Murphy. “The acquisitions team is actively pursuing multifamily opportunities across the United States, as we look to expand the portfolio to more than 10,000 apartment homes in the coming years. We are excited to now have a multifamily presence in the Southeastern U.S. market.”
The 13.6-acre Olde Raleigh is less than 10 miles from downtown Raleigh. The community is in close proximity to Interstates 40 and 440, providing access to Research Triangle Park and “The Triangle,” which includes Raleigh, Durham and Chapel Hill.
Image courtesy of Taurus Investment Holdings
