Newport Property Ventures, based in Coral Gables, FL, purchased the Casa del Sol Apts., located at 4001-4117 Deep Hollow Dr. in Raleigh, NC, for $7.2 million, or $41,000 per unit.
The 176-unit, multifamily community was built in 1974 and was 95% leased at the time of sale. It is situated on 18.22 acres of land and was 77% improved.
The buyer was self-represented, while the seller was represented by Jordan McCarley of Multi Housing Advisors, LLC.
Please refer to CoStar COMP ID #2807916 for more information on this transaction.