A team from Marcus & Millichap, led by John Daly, successfully represented the buyer in the sale of Kelby Farms – a 277-unit multifamily property located in Durham, North Carolina. The property was sold for an impressive $305,957 per unit. According to Daly, two of the ten buildings were still under construction at the time of sale and are expected to be completed by October. Currently, 70% of the completed portion is occupied – a testament to strong demand for well-located new apartment assets in Raleigh-Durham.
Kelby Farms boasts a prime location within close proximity to Downtown Durham and Chapel Hill as well as Research Triangle Park. Residents can also enjoy easy access to shopping options such as Patterson Place shopping plaza and other nearby retail centers on Durham-Chapel Hill Boulevard or at Southpoint Mall.
Situated on 10 acres of land, Kelby Farms offers resort-style amenities including a swimming pool and fitness center along with convenient workstations and study areas for residents’ use. Additionally,the apartments feature full-size washers/dryers,larger closets,and private patios/balconies.The average unit size is an impressive1 ,001 square feet.
The recent acquisition marks King Properties’ purchase price totaling $84 .75 millionfor these brand-new apartmentsinDurham.
