SANTA ANA, CA--PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC has acquired Six Forks Station (photo above) in Raleigh, N.C., on behalf of tenant-in-common investors. Located at 8601 Olde Station Drive, Six Forks Station is a 321-unit garden-style multifamily community situated on more than 32 acres.The property consists of 39 apartment buildings and a separate structure housing a clubhouse and leasing center. The unit mix consists of 88 one-, 161 two- and 72 three-bedroom apartments. The net rentable area of the property is nearly 360,000 square feet, with an average unit size of 1,120 square feet. Six Forks Station is currently 96 percent occupied.
"The consistent growth of the Raleigh-Durham area, as well as the high tenancy and stable cash flow of Six Forks Station makes it an attractive opportunity for our investors," said Grubb & Ellis Realty Investors President and Chief Investment Officer Jeff Hanson (photo top right)
Built in three phases between 1985 and 1997, Six Forks Station offers tenants a healthy parking supply with 656 spaces, which results in a 2.04 space per unit parking ratio.Community amenities include two swimming pools, playgrounds, multi-purpose sports courts, a fitness center and an onsite laundry facility.
Individual apartment units feature fireplaces, dishwashers, garden tubs, walk-in closets, ceiling fans and patios and balconies in select units.Raleigh is home to a part of North Carolina's Research Triangle Park, the largest research park in the world and one of the leading centers for high-technology research and development in the country.
Raleigh and the Research Triangle Park area consistently rank among the nation's best local economies.Numerous high-technology and medical corporations have been attracted to the Raleigh-Durham area due to the outstanding educational and research facilities at area universities, including North Carolina State University, home to the nation's tenth largest school of engineering, Duke University and the University of North Carolina at Chapel Hill.
According to the U
nited States Census Bureau, the Greater Raleigh-Durham area has experienced a population growth of approximately 68 percent since 1990, and is expected to grow more than 12 percent by 2011. Unemployment remains below the national average, just four percent as of February 2008.
nited States Census Bureau, the Greater Raleigh-Durham area has experienced a population growth of approximately 68 percent since 1990, and is expected to grow more than 12 percent by 2011. Unemployment remains below the national average, just four percent as of February 2008.First Call Analyst: FCMN Contact: Source: Grubb & Ellis Realty Investors, LLC
CONTACT:
Julia McCartney of Grubb & Ellis Realty Investors, LLC,
+1-714-667-8252, ext. 230,
Web site: http://www.grubb-ellis.com/
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