Sterling Legacy Acquires Multifamily Portfolio In Wake County From Magma Equities And Mile Rock Capital For $40.5M
Guerin Road , 202 Luxury Lane & 1000 Wait Avenue
$40,500,000
Units
95
Asset Type
MultiFamily
Closing
Jun 3, 2025
AI
The transaction involves a multifamily asset located at 600 Guerin Road, 202 Luxury Lane & 1000 Wait Avenue in the Holly Springs, Knightdale & Wake Forest, NC market. The property was sold for a total of $40,500,000, encompassing 95 units with a price per unit of $426,316.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $40,500,000
- Units: 95
- Price Per Unit: $426,316
- Buyer: Sterling Legacy
- Seller: Magma Equities & Mile Rock Capital
Sterling Legacy acquired the Wake County apartment portfolio consisting of Maple Ridge, Park Place, and Ridgewood from Magma Equities and Mile Rock Capital, marking a significant transaction in the local real estate market.
Players
Holly Springs 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
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93