CHARLOTTE, NC- Sandhurst Apartment Management (“SAM”) has announced the purchase of Williamsburg Manor, a 183-unit multi-family townhome complex built in 1972 located in Cary, NC. The acquisition closed in August 2021.
Williamsburg Manor is situated in Cary, NC, just 6 miles from downtown Raleigh. Consistently ranked one of the safest and best places to live in the United States, Cary is one of the most thriving rental submarkets for families in the southeastern United States. The community features large 2- and 3-bedroom townhomes and attractive family-orientated amenities. Prior to our purchase, the seller renovated nearly 20% of the unit interiors. SAM plans to continue these value-add interior upgrades on the remaining 80% of the units, which will include upgraded flooring, paint, appliances, countertops, washer/dryer connections and more. With continued interior renovations, SAM will be able to continue to push market rents and achieve higher revenues during our hold period.
Sandhurst Apartment Management is pleased to purchase its second asset in the Raleigh-Durham Triangle MSA. With easy access to local highways, strong retail and dining presence at the Cary Towne Center and an abundance of employment opportunities, Williamsburg Manor is situated in an excellent location. The community is located in a submarket that has seen above average effective rent growth (nearly 24.4%) over the last 7 years when compared other submarkets in the Raleigh MSA. The demographics in Cary are strong and the local school system is superior to others in the Raleigh area. The strong school system and abundance of employment opportunities in the area make our larger townhome style units very attractive to families who want to reside in Cary, but can’t afford to purchase a home. SAM has had previous management success in the market, as the company owned and managed two other assets in Cary and three others within the Raleigh-Durham Triangle MSA.
ABOUT SANDHURST APARTMENT MANAGEMENT (“SAM”)
Sandhurst Apartment Management is a forward-thinking, time tested group that provides a wholly integrated package of property management services, including on-site asset management, construction supervision and due diligence. Our success is rooted in our thoroughly vetted, value-add property investments that provide high-quality rental apartments in good school zones with attentive, hands-on-property management. Sandhurst owns and manages assets in 10 states totaling 11,000 units in excess of $1 Billon.