Eller Capital Partners is set to invest more than $65 million in three apartment complexes in Chapel Hill, NC.
Construction began for The Apartments at Midtowns 501 (formerly the Foxcroft Apartments) located at 545 Ashley Court and 86 North Apartments (formerly Timberlyne Village) at 200 Westminster Drive earlier this year.
Redevelopment for the interior Timber Hollow Apartments located at 101 Timber Hollow Court is currently underway with phase II for an exterior 14-unit property soon to follow. To combat the recent high cost of living, Eller Capital wants to offer a unique platform of affordable units. "A portion of Timber Hollow Apartments will be set aside for residents who make 65 percent less than the area median income and the other half for those who make less than the 80 percent area median income," said Daniel Eller, president of Eller Capital Partners.
Eller Capital chose against demolishing the properties to keep the garden-style features. Each apartment complex is set to be fully renovated to replace aging exteriors and enhance the unit interiors.