The Triangle multifamily/apartment investment market continues to experience demand for new construction, Class A complexes. Purchasers tend to be Private or National Investment Groups and REITS.
Some of the most recent deals include:
(Raleigh) August 2014 – Meridian at Wakefield, 369 Units, $137,000± per unit.
(Durham) July 2014 – The Heights at South LaSalle, $185,000± per unit.
(Cary) March 2014 – Courtney Reserve at Cary Park, $125,000± per unit.
New Apartment/Multifamily Construction
Downtown Raleigh has a number of developments under construction. These include the Sky House apartments, the Edison and the Lincoln. Local news outlets report that the new inventory is expected to soften rental rates once all of the units come on line. The current occupancy rates of the existing developments in the area appear to be pretty strong. How quickly will the market be able to absorb the new supply?