2012 Alston Ave Cary, NC 27519
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Class: A
# of total units: 40
Style: garden-style
Type: multifamily / Single-Family Rental & Built-for-Rent
Distance from Downtown: 9 miles NW of the city’s center (Cary) and 19 miles NW of Downtown Raleigh
Location: near the intersection of Triangle Expressway / SR 540 and SR 55, just south of O’Kelly Chapel Rd
Year built: 2023
# of total buildings: 8
# of stories/floors in each building: two story
Construction: frame
Exterior building materials: siding and stone accents
Roof type: pitched roofs with shingles
Pets allowed: yes
Brand New Rental Community in the Heart of West Cary
Outdoor Gathering Space
Dog Park
Beautifully Landscaped with Manicured Grass, Young Trees, and Flowering Plants
Connection to Greenway Trails
Online Resident Portal / Smartphone App with Rent and Maintenance Request Acceptance
Near Parkside Town Commons Offering Shopping, Dining, and Entertainment Options such as Raleigh Improv Comedy Cub and Frank Theatres CineBowl & Grille
Minutes from Public Transportation (DCTP Bus Line), Parks, Golf Courses, Lakes, Schools, and the Research Triangle Park (RTP) – Home of Apple’s Upcoming Campus (Expected to Create 3,000 Jobs)
Convenient Access to Interstate 540, State Route 55, Raleigh-Durham International Airport, Downtown Cary, and Downtown Raleigh
COMMUNITY AMENITIES
UNIT AMENITIES
Spacious, Open, and Energy Efficient Townhome Designs with Private Driveways and Direct Access, One- / Two-Car Garages
Beautifully Appointed with High End Finishes Including Stainless Steel Appliances, Luxury Vinyl Plank Flooring, Granite Countertops, Shaker-Style Cabinetry, Two-Tone Paint Scheme, Ceramic Tiled Backsplash, Recessed and Stylish Chrome Lighting, Entrance Customization Available, Plush Bedroom and Loft Carpeting, Lighted Ceiling Fans, and Two Inch, White Faux Blinds
Chef’s Kitchen with Gas Range, Double Ovens, Refrigerator, Dishwasher, Built-In Microwave, Undermount Sink with Gooseneck Faucet, Pantry, Kitchen Island / Breakfast Bar, Dining Area, and Plenty of Cabinet and Counter Space
Master Suite with Expansive Walk-In Closet, Double Sink Vanity, and Tray Ceiling
Loft Providing Extra Space for a Family Room, Home Office, or Tranquil Study Area
Full Size Bathroom with Tub and Shower Combination / Walk-In Shower with Glass Doors, and Downstairs Powder Room
Nine Foot Smooth Ceilings, Drop Zone at Foyer / Garage Entry, and Large Windows Allowing in Abundant Natural Light
Private Covered Entry, Covered Porch / Rear Patio with Glass Panel Door, and Privacy Fence Between Homes
Convenient, Second-Floor Laundry Room with Washer and Dryer Connections
Air Conditioning / Heating with Programmable Thermostat
2012 Alston Ave | Cary, NC 27519
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Six-Figure 1-Mile Radius Household Income
1
New ownership will benefit from an Average Household Income of $138,636 within a 1-mile radius. On average across the United States, tenants spend 30% of their gross monthly income on rent. At Parkside, even if rents were raised $800 per unit, the property would still be below the average rent-to-income ratio of 30% of the Cary submarket
INVESTMENT HIGHLIGHTS
PROPERTY DETAILS
AMENITIES
LOCATION
Best-in-Class Regional Developer
2
Founded in 2013, Blue Heel Communities has quickly established themselves as a premier North Carolina BTR developer. With projects in both the for-sale and for-rent space, Blue Heel has delivered north of 500 total units across North Carolina. “My Door Communities” is Blue Heel’s BTR brand that is uniquely focused luxury product in core locations. Primarily focused on Charlotte and Raleigh, My Door Communities boasts spacious units with designer finishes in infill locations.
Spacious Three- & Four-Bedroom Floorplans with Front-Loaded Garage
3
Opportunity
Floor Plans
Sitemap
My Door at Parkside boasts 40 spacious three & four-bedroom floorplans inclusive of a second-level loft and 9-foot ceilings throughout. All units are equipped with front loaded garages and a private driveway. In comparison with proximate rents comps, on average, less than 65% of units across the following comp set offer 2-car wide garages.
Stainless Steel Appliances with French Door Refrigerator and flat top electric stove
Upgraded Goose-Neck Faucets
Replace Carpet Flooring in All 2-4th Floor Living Areas with LVP
Smart Tech Package Installation
Upgraded Quartz/Granite Countertops in BathroomsFramed Mirror and Curved Shower Curtain Rod
New Kitchen Backsplash
Discount to Proximate Townhome Retail Sales Comps
4
Value- Add Opportunity
Value- Add- Scope
Premier Location in the Triangle
Upgraded Goose-Neck Faucets
Neighboring RTP Employers
NetApp
Cisco Systems
Biogen
RTI International
Neighboring Retail:
Whole Foods Shopping Center
Target Shopping Center
Publix Shopping Center
Old Chatham Golf Course (5-minutes)
Panther Creek High School (2 miles)
Ranked #7 for best college prep public high schools in North Carolina (Link)
PNC Arena (10 miles)
RDU International Airport (10-minutes)
HUB RTP (10-minutes)
My Door at Parkside benefits from tremendous connectivity throughout the Raleigh-Durham MSA. Situated in the heart of the MSA, Parkside provides tenants with a seamless commute to all corners of the Triangle. There are many employment, retail, and entertainment drivers nearby. Specifically, the property sits immediately next to the largest research park in the United States, Research Triangle Park, which employs over 65,000 workers. Furthermore, RDU International Airport is located within a 10-minute drive of the asset.
Proximity Map
Major Employers
Other Employers
5
Mission Hospital [Industry: Health Care & Social Assistance; Local Employees: 6,000] (~7.6 miles; ~16.0 minutes)
Margaret R Pardee Meml Hosp [Industry: Health Care & Social Assistance; Local Employees: 2,000] (~16.8 miles; ~25.0 minutes)
Us Veterans Medical Ctr [Industry: Health Care & Social Assistance; Local Employees: 1,716] (~12.4 miles; ~20.9 minutes)
Parkridge Health [Industry: Health Care & Social Assistance; Local Employees: 1,250] (~13.6 miles; ~21.9 minutes)
Care Partners Health Svc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~7.9 miles; ~16.9 minutes)
Community Carepartners Inc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~7.9 miles; ~16.9 minutes)
Hope Behavioral Health Svc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~13.6 miles; ~21.9 minutes)
Park Ridge Health [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~13.6 miles; ~21.9 minutes)
31 three-bedroom units measuring between 1,892 and 2,016 square feet
9 three-bedroom units measuring 2,348 square feet each
Average unit size of 2,065 square feet
UNIT MIX
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Garage and storage units at Asheville Exchange are dramatically underutilized. Currently sitting at 61% and 33% occupied, respectively, there is an opportunity to substantially boost other income through stabilizing garage and storage occupancy. Through detailed rental competitor research Berkadia found that nearby properties shared similar rental rates yet maintained nearly no vacancies.
Assuming 90% occupancy and market rental rates, garage/storage rentals could yield a $68,000+ premium over 2023 numbers.
MY DOOR AT PARKSIDE
Neighboring retail townhome comps are selling, on average, for approximately $249 PSF. The acquisition of MyDoor at Parkside demonstrates a unique opportunity to purchase like-kind rental product at a discount to its for-sale counterparts. The pricing guidance of the subject property sits at a discount of nearly $31 PSF or 14% from the average retail price across the below for-sale retail comps set.
MY DOOR AT PARKSIDE
BACK TO TOP
774 S Shelmore Blvd
Suite 105
Mt Pleasant, SC 29464
Charleston Office
4201 Congress Street
Suite 200
Charlotte, NC 28209
Charlotte Office
3700 Computer Drive
Suite 315
Raleigh, NC 27609
Raleigh office
355 S. Main Street
1st and 2nd Floor
Greenville, SC 29601
Greenville Office
Blake Coffey
Senior Director
843.628.3766 blake.coffey@Berkadia.com
Thomas Colaiezzi
Director
704.565.9391 thomas.colaiezzi@berkadia.com
Mark Boyce
Managing Director
843.628.3765 mark.boyce@Berkadia.com
Joel Kirstein
Managing Director
346.444.8975
joel.kirstein@berkadia.com
Mackinley Robinson
Senior Director
360.704.8831
mackinley.robinson@berkadia.com
Matt Robertson
Associate
919.812.3174 matthew.robertson@berkadia.com
Caleb Troop
Managing Director
980.208.1668 caleb.troop@berkadia.com
INVESTMENT SALES
MORTGAGE BANNKING
CONTACT
My Door at Parkside boasts 40 spacious three & four-bedroom floorplans inclusive of a second-level loft and 9-foot ceilings throughout. All units are equipped with front loaded garages and a private driveway. In comparison with proximate rents comps, on average, less than 65% of units across the following comp set offer 2-car wide garages.
Opportunity
Floor Plans
Sitemap
My Door at Parkside benefits from tremendous connectivity throughout the Raleigh-Durham MSA. Situated in the heart of the MSA, Parkside provides tenants with a seamless commute to all corners of the Triangle. There are many employment, retail, and entertainment drivers nearby. Specifically, the property sits immediately next to the largest research park in the United States, Research Triangle Park, which employs over 65,000 workers. Furthermore, RDU International Airport is located within a 10-minute drive of the asset.
Proximity Map
Major Employers
Sitemap
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
2012 Alston Ave Cary, NC 27519
MY DOOR COMMUNITIES
MY DOOR AT PARKSIDE
BACK TO TOP
774 S Shelmore Blvd
Suite 105
Mt Pleasant, SC 29464
Charleston Office
4201 Congress Street
Suite 200
Charlotte, NC 28209
Charlotte Office
3700 Computer Drive
Suite 315
Raleigh, NC 27609
Raleigh office
355 S. Main Street
1st and 2nd Floor
Greenville, SC 29601
Greenville Office
Blake Coffey
Senior Director
843.628.3766 blake.coffey@Berkadia.com
Thomas Colaiezzi
Director
704.565.9391 thomas.colaiezzi@berkadia.com
Mark Boyce
Managing Director
843.628.3765 mark.boyce@Berkadia.com
Joel Kirstein
Managing Director
346.444.8975
joel.kirstein@berkadia.com
Mackinley Robinson
Senior Director
360.704.8831
mackinley.robinson@berkadia.com
Matt Robertson
Associate
919.812.3174 matthew.robertson@berkadia.com
Caleb Troop
Managing Director
980.208.1668 caleb.troop@berkadia.com
INVESTMENT SALES
MORTGAGE BANNKING
CONTACT
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