CHAPEL HILL, N.C. — The multifamily component of the Meadowmont of Chapel Hill master-planned community has traded for $37 million, the highest per unit price ever for the Chapel Hill market. The Apartments at Meadowmont contains 258 garden-style units. It was 96 percent occupied at the time of closing and has had strong performance since being developed in 2001 by the seller, Charlotte-based developer Crosland. Dean Smith and Blake Okland of the Charlotte office of Apartment Realty Advisors (ARA) represented Crosland in the sale to Greensboro, N.C.-based Bell Partners. The deal was financed through ARA's recently launched debt platform, ARA Finance. Equity was arranged through Bell Partners' latest investment fund.
“The Chapel Hill market is one of the highest barrier-to-entry markets in the Southeast,” said Smith in a statement. “Only 827 units have been added to the market since 2000, largely due to the local planning department's desire to fiercely protect the college town's charm and infrastructure.” Smith adds that the existence of three major research universities, two university hospital systems, state government offices and Research Triangle Park create a diverse and stable employment base that is able to provide a hedge against market downturns and create a top-tier market for investors.
Meadowmont of Chapel Hill is a 435-acre community located just west of Interstate 40. In addition to the multifamily component, it contains single-family homes, condominiums, townhomes, a retirement community, the Meadowmont Village retail center, commercial space, a UNC Hospitals Wellness Center, an elementary school and a 70-acre park. The UNC Business School's Paul J. Rizzo Center abuts the community.
— Coleman Wood