Description

JLL, as exclusive advisor, is pleased to present the leasehold interest in Sterling Glenwood in Raleigh, NC, United States. The asset features tremendous renovation potential with 73% of the 254 units in classic or partially renovated condition with proven rent premiums.

Over the last ten years, the asset has also seen approximately $7.4M in capital expenditures providing the next owner with the ability to focus on renovations and revenue driving enhancements.

Locationally, the asset sits in the 9th most affluent zip code in the Triangle highlighted by median home prices in the surrounding neighborhoods sitting at $925k and $2.1M over the last year. Additionally sits just minutes from North Hills and Crabtree Mall providing tremendous nearby retail amenities.

The opportunity provides additional upside beyond renovations through the additional development potential of the land. Current ownership has plans showing up to 196 additional units being added to the site.

Sterling Glenwood presents investors with a clean asset, ripe for additional renovation and development sitting in one of the most affluent areas in Raleigh.

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Attributes

Number of units

254

Occupancy

94%

Capital Spent Last 10 Years

$7.35M+

Renovation Potential

186 Units

Land Area

7.25 Acres

Media

Investment Highlights

Infill location on the Glenwood Avenue corridor with with strong surrounding neighborhoods seeing median home sales of $925k+
Strong capital investment over the last 10 years with approximately $7.4M in CapEx spent allowing the next owner to focus on revenue driving enhancements
Strong renovation potential with 71 classic units and 115 partial renovations with proven renovation premiums
Additional development potential with ownership having plans for up to 196 additional units
In-Place tax abatement allows the next owner to assume large savings on the tax bill