214 Unit Garden-Style Apartment Complex in Burlington, NC Trades for $23.5M

-Northeast Private Client Group® completes the sale of a value-add asset in a rapidly growing area of North Carolina-

 

Shelton, CT (November 16, 2021) – Northeast Private Client Group® (NEPCG) has closed the sale of The Brittany Apartments, a 214-unit garden-style apartment complex in Burlington, North Carolina.

 

NEPCG’s Metro-North Investment Sales Team, comprised of Brad Balletto, Rich Edwards, Jeff Wright, Bob Paterno, and John Lockhart, represented the seller and procured the buyer. The buyer plans to capitalize on the significant value-add potential by renovating units to modern finishes, adding amenities, and improving curb appeal.

 

Located at 706 Huffman Mill Road, The Brittany Apartments consists of 46 one-bedroom, 122 two-bedroom, and 46 three-bedroom units. The property offers a unique mix of flat and townhouse units, averaging 1,187 square feet per unit. This well-maintained property includes an on-site leasing office and features amenities such as a fitness center, clubhouse, pool, picnic area, and dog park.

 

Burlington is located directly between Raleigh/Durham, the fastest-growing market in the U.S., and The Piedmont Triad, a consistently strong-economic region, particularly in textiles and furniture manufacturing. Burlington is a great mid-sized city, offering residents excellent area amenities while retaining a rural charm. Burlington’s population has seen a steady 1.34% year-over-year growth since 2010. This rapidly growing region has a projected 5.55% growth rate in household income over the next 5-years.

 

Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.