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Marcus & Millichap Brokers $84.75 Million Multifamily Asset Sale in Raleigh-Durham North Carolina

September 19, 2023

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Kelby Farms, a 277-unit multifamily property in Durham, North Carolina. The $84.75 million sales price equates to $305,957 per unit.

“The multifamily market in Raleigh-Durham is poised for long-term growth as tech firms like Meta and Apple expand in the region,” said John Daly in Marcus & Millichap’s Raleigh office. “Located between Duke University and University of North Carolina at Chapel Hill (UNC), Kelby Farms has a large renter pool, including many healthcare professionals from the area’s research and teaching hospitals.” Daly represented the buyer, King Properties, a regional owner/operator. The selling team includes Raleigh-based Woodfield Development.
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