CHARLOTTE, N.C. —
Multi Housing Advisors (MHA) has brokered the $22.3 million sale of Foxcroft
Apartments, a 248-unit community in Chapel Hill, N.C.
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| Marc Robinson |
Marc Robinson
and Jordan McCarley of MHA’s Charlotte office represented the seller,
Douthit & Co., in the transaction.
An affiliate of Eller Capital Partners purchased the
40-year-old property, which was 95 percent occupied at the time of closing, and
will undertake an extensive renovation of the property. The sale marks only the
second time that Foxcroft Apartments has been sold.
“This is a notable
sale due to the fact that apartments in Chapel Hill change hands very rarely,”
Robinson said. “The town’s extremely high barriers to entry and strong market
fundamentals create a unique dynamic that favors long-term ownership.
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| Jordan McCarley |
“ The buyer is planning a property-wide renovation that will
significantly enhance the community’s physical appearance and interior unit
features to bring it to a quality level that will allow the property to compete
with much newer properties.”
MHA recently expanded
its Charlotte office and intends to open additional offices in the South. The
firm has made a number of significant new hires over the past year as well,
adding experienced brokers to expand its geographic reach and to take advantage
of the increasing volume of multifamily investment sales.
For a complete copy of the company’s news release, please
contact:
Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)
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