Sixteenth Floor Residential Acquires Crest At Brier Creek Multifamily In Raleigh For $64.4M

The property at 6450 Viewpoint Circle is a multifamily asset located in Raleigh, NC, covering 14.48 acres. It comprises 291 units and was sold for $64,400,000, equating to a price per unit of $221,306. The property, built in 2013, is currently 94% leased and generates an annual net operating income of $2.93 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $64,400,000
• Units: 291
• Price Per Unit: $221,306
• Seller: Jake Millburn - Millburn & Company
• Buyer: Sixteenth Floor Residential
• Leasing Status: 94% leased
• Net Operating Income: $2.93 million
• Acquisition Plan: 75% of units designated as affordable housing for tenants earning up to 80% of area median income

Jake Millburn represented Millburn & Company in the sale of the property to Sixteenth Floor Residential, indicating the involved parties and their respective affiliations in this transaction.