{"id":1004120495,"date":"2015-06-02T12:00:50","date_gmt":"2015-06-02T20:00:50","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=351185"},"modified":"2020-04-07T23:32:00","modified_gmt":"2020-04-08T07:32:00","slug":"new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\/","title":{"rendered":"New-to-Triangle Militello Capital Buys Chapel Hill Apartments"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/The-Villages-of-Chapel-Hill-Swimming-Pool.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-351186\" title=\"The Villages of Chapel Hill - Swimming Pool\" target=\"_blank\" rel=\"nofollow\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/The-Villages-of-Chapel-Hill-Swimming-Pool.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/p>\n<p><\/a>The Villages of Chapel Hill, a 321-unit multifamily apartment community in Carrboro, has recently been purchased by an out-of-state investment group.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.bizjournals.com\/triangle\/blog\/real-estate\/2015\/05\/chapel-hill-area-apartments-sold-for-29-million.html\" target=\"_blank\" rel=\"nofollow\">Triangle Business Journal<\/a><\/em>, a partnership between QR Capital of Atlanta and Militello Capital of Leesburg, Va. paid $29 million to acquire the property. The investors also plan to spend an additional $2 million in upgrades, which will sustain higher rental rates comparable to other renovated communities in the market.<\/p>\n<p>The seller, Greystar, was represented in the transaction by Phil Brosseau, Kevin Kempf and Jeff Glenn of CBRE\u2019s capital markets group.<\/p>\n<p>Built in 1985, the smoke-free community offers a mix of one-, two-, and three-bedroom units, along with a variety of amenities, including a fitness center, two swimming pools, bark park, picnic area, playground, sand volleyball court and tennis court. Rents here range from $685 per month for a studio apartment to $1,584 per month for a three-bedroom apartment.<\/p>\n<p>The complex is located at 1000 Smith Level Road, in proximity to North Carolina\u2019s Chapel Hill campus and Research Triangle Park. It is also surrounded by retail shopping and historic neighborhoods, and offers access to quality public schools.<\/p>\n<p>For Militello, the acquisition marks the private equity firm\u2019s largest real estate investment to date. The company, which also invests in emerging technology venture capital, owns seven other multifamily communities in the Southeast region.<\/p>\n<p>\u201cAs our largest acquisition to date, The Villages of Chapel Hill is an exciting development for Militello Capital,\u201d Matt Brady, co-founder &amp; COO of Militello Capital, said in a news release. \u201cThe property satisfies our key requirements with built-in demand drivers while situated in a supply constrained market. It is a perfect addition to our real estate portfolio of income-producing properties.\u201d<\/p>\n<p>According to CBRE Econometric Advisors, the Chapel Hill submarket recorded an occupancy rate of 95.4 percent during the first quarter 2015, higher than the overall market\u2019s average of 94.7 percent. New inventory has also been limited, with only three conventional apartment developments coming online since 2010.<\/p>\n<p><em>Photo credits: www.villagesofchapelhill.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Villages of Chapel Hill, a 321-unit multifamily apartment community in Carrboro, has recently been purchased by an out-of-state investment group.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004120495","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New-to-Triangle Militello Capital Buys Chapel Hill Apartments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New-to-Triangle Militello Capital Buys Chapel Hill Apartments\" \/>\n<meta property=\"og:description\" content=\"The Villages of Chapel Hill, a 321-unit multifamily apartment community in Carrboro, has recently been purchased by an out-of-state investment group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-02T20:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T07:32:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/The-Villages-of-Chapel-Hill-Swimming-Pool.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"New-to-Triangle Militello Capital Buys Chapel Hill Apartments\",\"datePublished\":\"2015-06-02T20:00:50+00:00\",\"dateModified\":\"2020-04-08T07:32:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/05\\\/The-Villages-of-Chapel-Hill-Swimming-Pool.jpg\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-militello-capital-buys-chapel-hill-apartments-for-29m-2\\\/\",\"name\":\"New-to-Triangle Militello Capital Buys Chapel Hill Apartments - 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