CLOSED | SOMMERSET PLACE | Value-Add | Raleigh, NC | 144 Unit

6717 Six Forks Road Raleigh, NC 27615

  • 112,248 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

Sommerset Place is a 144-unit garden-style apartment community that was built in 1983. Located in an affluent area of north Raleigh, the property is ideally located within minutes of Midtown Raleigh and North Hills that offers residents the best in shopping and dining that Raleigh has to offer. Additionally, Sommerset Place has easy access to I-540, I-440 and I-40, making Downtown Raleigh, Research Triangle Park and major area employment centers an easy commute for residents. The property also provides direct access to Raleigh’s primary public bus line (8C on the CAT Route).

Amenities include a sparkling swimming pool with an expansive sundeck that has Wi-Fi, a lighted tennis court and a beautifully decorated resident lounge with a cyber cafe. Unit features include vaulted ceilings, two-inch Plantation blinds, chef-style kitchens with GE appliances and cozy wood-burning fireplaces with ceramic tile surround. Sommerset Place is an established apartment community located in the heart of a desirable, ever-expanding area of northern Raleigh.

Area Available: 112,248 Square Feet

Features:

  • High yield - strong performing value-add asset located in the heart of affluent North Hills
  • Existing ownership has eliminated all deferred maintenance leaving an untapped interior renovation opportunity
  • Opportunity to double the in-place premiums with minimal improvements including granite countertops and hardwood floors
  • Amenity Enhancement: a complete modernization could enhance the rental premium by building a state of the art amenity center, which would include a fitness and business center along with a coffee café
  • Tremendous opportunity to bridge the gap with newer construction built in the last 12 months commanding rents up to $650 higher
  • Located in the rapidly growing Raleigh market, which remains one of the fastest growing cities in the country
  • Strong Raleigh economic base which is home to a world-class research park, elite universities, and a large well-educated millennial workforce
  • Central location on Six Forks Road in North Raleigh, with easy access to Raleigh CBD, Research Triangle Park, Crabtree Valley Mall, and the Raleigh-Durham International Airport

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