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Toll Brothers Acquires 27-Acre Mobile Home Park In Cary For $26.7M
SOLD
$26,700,000
North Carolina
See Similar DealsMobile Home
Sold 04/14/2026
SOLD
Toll Brothers Acquires 27-Acre Mobile Home Park In Cary For $26.7M
607 Cedar Street
See Similar DealsMobile Home
Sold 04/14/2026
Summary
NORTH CAROLINA
Asset Type:Mobile Home
Transaction Type:Sale
A mobile home park with a total area of 27 acres has been sold at 607 Cedar Street in Cary, NC. The sale was completed for a price of $26,700,000. The property is an asset type classified as a mobile home park, which is set for future development plans by the buyer.
Summary of transaction details:
- Property Type: Mobile Home
- Transaction Amount: $26,700,000
- Address: 607 Cedar Street
- Market: Cary, NC
- Acres: 27
- Buyer: Toll Brothers
Toll Brothers intends to develop 407 residential units on the property, comprising 330 multifamily apartments and 97 townhomes. Site work is projected to commence in early 2027, indicating a significant investment in the region's residential infrastructure.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,423,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$94,859.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,571.62
Annual Debt Service$1,518,859.46
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