Jan
07

Raleigh’s Lexington Farms Apartments Sold

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lexington farmsARA  has announced the sale of Lexington Farms, a 188-unit garden-style community located in Northwest Raleigh between Rex Healthcare and Crabtree Valley Mall near Interstate 440.

The ARA Carolinas team of Sean Wood, Blake Okland, Dean Smith and John Heimburger represented the seller, Church Street Partners LLC, a Raleigh, North Carolina-based private real estate investment company that invests in high-quality properties in prime locations throughout the Southeast. The property was acquired by Chicago-based, Redwood Capital Group, LLC.

Church Street Partners LLC renovated approximately 70% of unit interiors with stainless steel appliances, faux wood flooring, cabinets, faux granite countertops, lighting, doors, fixtures and hardware before the sale. Redwood plans to continue the renovations to the unit interiors in addition to enhancing the clubhouse and fitness center. In total, Redwood anticipates spending $800,000 on property improvements. Lexington Farms was built in 1988, is situated on 21.9 acres, and is comprised of 64% of one-bedroom units and 36% of two-bedroom units, averaging 914 square feet. Occupancy at the time of sale was 96%.

Lexington Farms is just over one mile from Rex Healthcare, (3,500 employees with 665 beds), the largest and most prominent employer in the immediate submarket, and one mile from Crabtree Valley Mall. Within a one-mile radius of the property the estimated current average family household income is over $90,000 while the estimated median home price within 3 miles is almost $310,000.

 

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