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Kelby Farms Multifamily Property In Durham, NC Sold To King Properties For $84.75M
SOLD
$84,750,000
North Carolina
See Similar DealsMultiFamily
Sold 09/19/2023
SOLD
Kelby Farms Multifamily Property In Durham, NC Sold To King Properties For $84.75M
1122 Medlin Road
See Similar DealsMultiFamily
Sold 09/19/2023
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,519,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$301,098.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$401,758.24
Annual Debt Service$4,821,098.85
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