North Raleigh apartment complex sells for $35 million

November 16, 2010

November 16, 2010
.biz – News and Observer

Triangle apartment sales may top $500 million this year as investors’ appetite for the properties is showing no signs of waning. Robinson Development Group of Norfolk bought the 452-unit complex from Stonehenge Associates LLC. The price works out to about $77,000 per unit for a complex….The apartment vacancy rate in the Triangle was 6.7 percent in September, compared to 9.5 percent a year ago, according to the Triangle Apartment Association and Karnes Research. Average rents were $821 a month, up $23 from the average reported a year ago.

Read Entire Article

Leave a Comment » | Apartments, In the News, Triangle | Permalink
Posted by karnes

Triangle landlords deal to lure and retain renters

April 30, 2009

April 30, 2009
The News and Observer
…During the same period, the region’s apartment vacancy rate climbed to a six-year-high of 10.3 percent, up from 9.2 percent a year earlier, according to new data from the Triangle Apartment Association/KARNES.
As more units stayed empty, landlords slowed rent increases and started offering more perks, such as free months of rent…For now, “property managers are being a little more aggressive in retention,” said Brian Reece, managing partner at Karnes Research, the Raleigh firm that collects data for the apartment association. “But they’re not going to give away the shop.” Meanwhile, there’s competition from single-family homes for rent and, increasingly, those for sale, as prices drop and incentives for first-time home buyers take hold…”We’re going to see rent growth slow down,” Reece said. “And we’re going to see creative concessions coming back to the marketplace.”…
Read Entire Article

Leave a Comment » | Apartments, In the News, Triangle | Tagged: , , , | Permalink
Posted by karnes

Follow

Get every new post delivered to your Inbox.