ELLER CAPITAL INVESTS $65M IN THREE CHAPEL HILL APARTMENT PROPERTIES

CHAPEL HILL, N.C. — Eller Capital Partners, along with its affiliate PEG Capital Management, plans to invest more than $65 million to buy and rehabilitate three apartment communities in Chapel Hill. As part of the acquisition, the three assets have been rebranded as The Apartments at Midtown 501, 86 North Apartments and Timber Hollow Apartments. Eller Capital will rehabilitate the three communities with updated amenity offerings, modern interior finishes and energy-efficient systems. Eller Capital has proposed to expand Timber Hollow, which, if successful, will be the first time a developer has offered on-site affordable housing units in a rental project in the history of Chapel Hill. Eller Residential Living, an affiliate of Eller Capital Partners, will serve as the on-site manager of the properties.