901 S Duke St, Durham, NC 27707
Marcus & Millichap is pleased to exclusively present the opportunity to acquire Willow Terrace Apartments in Durham, North Carolina. Originally constructed in 1981 and located within walking distance of downtown, Willow Terrace provides residents with modern interiors combined with the vintage appeal of the surrounding Morehead Hills neighborhood. The property has received both interior and exterior upgrades throughout its history which provides new ownership a unique value-add opportunity through light interior upgrades and the installation of additional community amenities. With a lack of comparable inventory in the immediate submarket and minimal renovation, the property can easily be positioned as the economic alternative to the new Class A multifamily assets in the Downtown Durham submarket. Continued rent growth within the submarket, an extremely vibrant downtown, and the property’s strong positioning within the immediate area, provide an investor with outstanding options for the asset moving forward. This rent growth opportunity coupled with a strategic value-add initiative and the overall appeal of the Durham market further add to the attractiveness of this long-term multifamily investment.
Marcus & Millichap is pleased to exclusively present the opportunity to acquire Willow Terrace Apartments in Durham, North Carolina. Originally constructed in 1981 and located within walking distance of downtown, Willow Terrace provides residents with modern interiors combined with the vintage appeal of the surrounding Morehead Hills neighborhood. The property has received both interior and exterior upgrades throughout its history which provides new ownership a unique value-add opportunity through light interior upgrades and the installation of additional community amenities. With a lack of comparable inventory in the immediate submarket and minimal renovation, the property can easily be positioned as the economic alternative to the new Class A multifamily assets in the Downtown Durham submarket. Continued rent growth within the submarket, an extremely vibrant downtown, and the property’s strong positioning within the immediate area, provide an investor with outstanding options for the asset moving forward. This rent growth opportunity coupled with a strategic value-add initiative and the overall appeal of the Durham market further add to the attractiveness of this long-term multifamily investment.
