RTP Capital Advisors is pleased to offer, to a qualified investor, 319 McCauley Street Apartments, a 4-unit, 16-bed student housing asset recently renovated in 2012 and located in the prestigious Chapel Hill market. This 2012 renovation included new kitchen fixtures and appliances, new bathroom fixtures, new flooring, as well as a new roof and HVAC systems.
In an excellent location for students, 319 McCauley Street Apartments is within walking distance of the town’s major economic driver, UNC Chapel Hill, enrolling almost 30,000 students each year. Well known throughout the state and the country, UNC has garnered many awards over the years including recognition as one of the best public universities by the Wall Street Journal in 2016.
Franklin Street, Chapel Hill’s main restaurant and entertainment corridor, is also just blocks away and home to many popular local and national restaurants such as Mellow Mushroom, Chipotle Mexican Grill, Starbucks, and more. Franklin Street has also seen redevelopment in recent years with multiple large-scale mixed-use developments currently under construction.
319 McCauley Street Apartments is also less than a mile from NC Hwy 54 / US Route 501, a major roadway partially encircling Chapel Hill and leading towards Interstate 40, providing students and residents alike with access to other areas of the Triangle, including Hillsborough, Raleigh, and more.
319 McCauley Street Apartments offers investors the rare opportunity to own a strong performing student housing asset within walking distance to both UNC Chapel Hill and Franklin Street. We are pleased to offer this listing at a price of $1,776,000, a 6.25% cap rate.
