King Properties acquires multifamily asset in Raleigh-Durham for $84.75m
King Properties announced the acquisition of Kelby Farms, a 277-unit multifamily property in Durham, N.C. The $84.75 million sales price equates to $305,957 per unit. Marcus & Millichap brokered the transaction and represented the buyer. The selling team was Woodfield Development.
The property is within a short commute of Downtown Durham, Downtown Chapel Hill and Research Triangle Park. The grocery-anchored Patterson Place shopping plaza is within walking distance. Additional shopping, restaurants and entertainment are close by on Durham-Chapel Hill Boulevard and at the Southpoint Mall.
Located on 10 acres, Kelby Farms has a resort-style swimming pool, fitness center, workstations, study areas and a game lounge. The property’s studio, one-, two- and three-bedroom apartments have full-size washers and dryers, large closets, and a patio or balcony. The average unit size is 1,001 square feet.