Just this month, two apartment communities in Raleigh and one in Cary sold to a single purchaser at an average price of $54,000/unit. The communities are 20 to 30 years old.
This price falls in-line with the recent upward pressure on values for larger apartment communities. A major contributing factor in this trend is the availability of attractive financing from GSE's Fannie Mae and Freddy Mac for larger apartment communities and portfolios. Unfortunately, similar financing options are not as available for smaller communities (less than $1 million).
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