The Sterling Group Acquires Property in Research Triangle Park
Mishawaka, Ind. - The Sterling Group, Inc., an Indiana-based multifamily and self-storage development and investment company, recently re-entered the Raleigh market with its $17.1M purchase of Arbor Creek Apartment Homes.
“We are pleased to have a presence in the Raleigh market again,” said Sterling’s President, Lance Swank. “Investing in properties with significant upside that are located in desirable submarkets is the core of Sterling’s real estate investment strategy. This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the opportunity to increase value through capital improvement and a best in class operating planform.”
The property is a 280-unit garden-style apartment community situated on approximately 24.83 acres. Arbor Creek Phase I was built in 1972 and consisted of 180 units until 1974 when an additional 100 units were added.
Located along Buck Jones Road, along the I-40/I-440 perimeter corridor, Arbor Creek is just five miles west of Raleigh’s Central Business District and three miles east of downtown Cary, two of the most prolific employment and population growth sectors in North Carolina. NC State University is just minutes away as well.
Value-add renovations are underway and are estimated at $1.8M. Plans include remodeling the Leasing Office, replacing and improving exterior building elements, landscaping, signage, and lighting. Curbs will be replaced and breezeways will also be renovated. New community additions include a dog park, playground, and grilling stations.
Interior apartment home renovations include a complete moderate rehab to include new two-tone paint, new flooring, new appliances, upgraded lighting and electrical fixtures, upgraded plumbing fixtures, new countertop finishes, new interior hardware, and new kitchen cabinets, where needed.
Arbor Creek is comprised of 20 apartment home buildings containing a mix of one and two bedroom floorplans. Apartment home floorplans range from 600 sq. ft. to 810 sq. ft. and feature a fully-equipped kitchen, washer and dryer connections, and walk-in closets.
In addition to its convenient location to public transportation, Arbor Creek features a swimming pool and grilling area.
The Sterling Group, founded in 1976, develops, constructs, acquires, and manages investment quality real estate, specializing in multifamily apartment homes, senior communities, and self-storage facilities. Sterling Management, Ltd. has over 39 years of experience assisting owners in achieving both physical and financial goals for their assets. Sterling Management oversees an expansive portfolio of multifamily communities and self-storage facilities across the United States. In addition, it also provides fee management services. For more information, please visit www.thesterlinggrp.com or contact Andrea Hurn, Vice President of Management, at 574-247-3241.