Source: Militello Capital / #Multifamily #Apartments
CARRBORO, NC - Militello Capital, a greater Washington, DC private equity investment firm, announces the acquisition of the Villages of Chapel Hill, a 321-unit multifamily apartment community in Carrboro, North Carolina for $29 million. The acquisition is Militello’s largest real estate investment to date, and adds to its portfolio of 7 multi-family real estate properties in the Southeast region.
“As our largest acquisition to date, The Villages of Chapel Hill is an exciting development for Militello Capital,” says Matt Brady, Co-Founder and Chief Operating Officer of Militello Capital. “The 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.”
The property consists of one, two, and three-bedroom units in the sought-after Chapel Hill area. The property is located approximately two miles from the University of North Carolina’s Chapel Hill campus, which is home to over 41,000 students, faculty and staff. Additionally, the property is a mere 15 miles from Research Triangle Park, which is home to more than 190 global companies employing more than 50,000 workers. The property is also surrounded by retail shopping, historic neighborhoods and offers access to quality public schools.