CHAPEL HILL, NC — An affiliate of Chapel Hill, NC based Eller Capital Partners has acquired the 188-unit Crest at West End Apartments in Carrboro, NC. Constructed in 1988, and previously known as “Ramsgate Apartments,” the property is located within close proximity to downtown Carrboro, downtown Chapel Hill, the University of North Carolina and UNC Hospital.
Eller Capital Partners plans to make significant improvements to the property including a transformative renovation of the building exteriors, the addition of new and improved property amenities, upgraded unit interiors with modern finishes and notable improvements to technology and energy efficiency. Eller Residential Living, the company’s property management affiliate, will manage the property and oversee the construction project.
Daniel Eller, President and CEO of Eller Capital Partners, said that the company’s interest in acquiring the asset was driven by its location, the strength and stability of the major area employers and the extraordinary barrier to entry into the submarket.
“We are excited about the opportunity to add another great multifamily asset to our existing portfolio of assets in the greater Chapel Hill market,” said Daniel Eller, president and CEO of Eller Capital Partners. “We look forward to injecting new life into this aging community, and to creating modern, efficient, high-quality rental housing that will be affordable to the majority of those who are employed in and serve our community.”
The acquisition of the Crest at West End represents the sixth local multifamily project for Eller Capital Partners. The firm also owns the Apartments at Midtown 501, Timber Hollow Apartments and 612 Hillsborough Apartments in Chapel Hill, it manages the newly constructed Shelton Station Apartments in downtown Carrboro, and it previously owned and managed the redevelopment of what is now 86 North Apartments in Chapel Hill.
The transaction was facilitated by the Holliday Fenoglio Fowler, L.P. (HFF) investment advisory team led by managing directors Justin Good and Jeff Glenn, senior director Allan Lynch and director Caylor Mark.
“The Crest at West End presented investors the coveted combination of value-add upside in a high barrier-to-entry market,” said Good. “[It is] further distinguished by Carrboro’s celebrated culture and Chapel Hill’s world-renowned university and hospital system.”
Crest at West End is the second recent acquisition for Eller Capital Partners, which just last month acquired the 288-unit Ashton Oaks Apartments near Wake Forest University in Winston-Salem, NC.
About Eller Capital Partners: Chapel Hill, NC based Eller Capital Partners is a private equity real estate firm focused exclusively on investing in multifamily assets that are located in the growing regions of the southeastern United States. Since 2007, Eller has acquired over $350 million of well-located properties, applying a vertically integrated, value-added approach to optimize the performance of each asset. Eller has a senior management team that offers over 100 years of experience in the multifamily industry and has been directly and meaningfully involved in real estate transactions totaling well over $1 billion. The company has expertise in all aspects of real estate acquisition, renovation, construction management, property management, asset management, fund management and disposition. For more information, visit www.ellercapital.com
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.