Cushman & Wakefield has arranged the $18.5 million sale of Bellevue Mill, a 112-unit apartment community located in Hillsborough, North Carolina. Watson Bryant, Paul Marley and Hunter Bowling of Cushman & Wakefield represented the seller, Bellevue Mills Holdings, in the transaction. Saratoga Capital Partners, LLC, acquired the property, its ninth purchase orchestrated by Cushman & Wakefield.
“Bellevue Mill is a recently restored cotton mill apartment community and represents a unique opportunity to own a sought-after property embedded in a highly educated, high income market within the Triangle,” Bryant said.
The historic rehabilitation project underwent an $18.5 million renovation to newly construct every unit in October 2019. Amenities include a community center, courtyard, dog park, fire pit, fitness center, game room and walking trail.
“With a prime location and positive supply-demand dynamics in the Hillsborough/Chapel Hill multifamily market, Bellevue Mill is an attractive investment opportunity that will continue to enjoy organic rent growth as market fundamentals normalize and high barriers to entry continue,” Marley added.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.