Updated Dec 4, 2024
Kelby Farms Multifamily Property In Durham, NC Sold To King Properties For $84.75M
1122 Medlin Road
$84,750,000
Units
277
Asset Type
MultiFamily
Closing
Sep 19, 2023
About this deal
AI
Kelby Farms, a partially completed 277-unit multifamily property located at 1122 Medlin Road in Durham, North Carolina, has been sold. The property sits on 10 acres of land and has been purchased by King Properties for a sale price of $84,750,000. This equates to a per unit price of $305,957.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $84,750,000
- Address: 1122 Medlin Road, Durham, NC
- Market: Durham, NC
- Acres: 10
The buyer in this transaction was King Properties, a prominent real estate company. The broker representing the buyer was John Daly from Marcus & Millichap. The sale of Kelby Farms marks another successful deal for John Daly and his team.
Players
Durham MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93