CHAPEL HILL, NC - Eller Capital Partners, a multifamily investment, development and property management company based in Chapel Hill, announced a new housing incentive program for Town of Chapel Hill, Town of Carrboro, Orange County and State of North Carolina employees. Eller is offering generous discounts on rent and waiving certain fees for public employees who sign 12-month leases at its newly-renovated apartment communities, 86 North Apartment Homes and The Apartments at Midtown 501.
Effective monthly rates for a one-bedroom/one-bathroom at 86 North Apartment Homes will start at $645 per month, normally $795 per month. Effective monthly rates for a one-bedroom/one-bathroom at The Apartments at Midtown 501 will start at $891 per month, normally $1,100 per month. 12-month lessees can expect to save between $2,000 and $3,050 on rent annually.
“Over the past year, we have transformed 86 North and Midtown 501 into luxurious, modern apartment communities with all of the amenities that today’s apartment residents expect,” said Daniel Eller, President and CEO of Eller Capital Partners. “These communities offer the benefits that come with brand new construction at a price that is financially feasible for the individuals who work every day to make Chapel Hill such a great place to live.”
Eller Capital Partners’ $65 million investment in and revitalization of three multifamily apartment communities in Chapel Hill has filled a major gap in the local housing market. Until now, Chapel Hill residents have been forced to choose between two extremes: newer, luxury apartments that cost too much versus more affordable apartments that lack the modern finishes and amenities that renters today expect and desire. Eller’s decision to redevelop existing properties, instead of tearing them down and rebuilding from the ground up, has provided Chapel Hill and Carrboro residents with the affordable, modern apartments they want but haven’t had access to.
“Eller’s first-of-its-kind housing program will allow more of our 3,000 teachers and staff to live in the community they serve,” said Thomas Forcella, Superintendent of Chapel Hill-Carrboro City Schools. “Teachers and staff who decide to make the move to Chapel Hill will feel confident knowing they have access to a welcoming, newly-renovated apartment community that fits within their budgets.”
"Often, police officers aren't able to live in the communities they serve, and unfortunately Chapel Hill is no exception," said Christopher Blue, Chapel Hill Police Chief. "We are appreciative when members of our community recognize this and provide opportunities for our officers to live and raise their families here - a move that is sure to benefit the Chapel Hill community."
“From teachers to police officers to fire fighters, our community relies on the public employees of Chapel Hill and Carrboro on a daily basis,” said Aaron Nelson, President of the Chapel Hill-Carrboro Chamber of Commerce. “These men and women go above and beyond to serve us. We are honored to champion Eller’s efforts to provide something special for these public servants and their families.”
Chapel Hill Mayor Mark Kleinschmidt and Carrboro Mayor Lydia Lavelle both expressed support for the new housing incentives, as well. Eller Capital Partners has already begun to implement the program at both 86 North Apartments and The Apartments at Midtown 501.
For more information on Eller’s apartment communities, please visit www.LivingChapelHill.com
About Eller Capital Partners: Chapel Hill-based Eller Capital Partners is a multifamily investment, development and property management company. The firm was founded in 2011, and is now concentrating on the expansion of its portfolio throughout the southeast region of the United States. Eller owns four apartment communities in the Chapel Hill market, totaling nearly 750 units. For more information, please visit www.ellercapital.com.