Eller Capital Partners Acquires Value-Add Opportunity in Chapel Hill for $3.6M
- Mar 10, 2015
by Adriana Pop, Associate Editor
Eller Capital Partners has recently acquired the Colonial Arms Apartments on Hillsborough Street in Chapel Hill. The company paid $3.6 million for the 41-unit townhouse-style community, which it rebranded as 612 Hillsborough.
The property is Eller’s fourth acquisition in the city in the past 16 months, as well as its first asset within a short walking distance to the University of North Carolina at Chapel Hill campus.
“All of our communities offer walkability to area retail and amenities, but to be in such close proximity to the university and the abundance of restaurants and shops in downtown Chapel Hill makes this the ideal location for anyone who wants to live close to where they work and play,” Daniel Eller, the company’s president and CEO, said in a news release.
The Triangle Business Journal reports that last spring, Eller paid $18.25 million for the 198-unit Timber Hollow Apartments across from the future Carolina North campus. Earlier in 2013, the company acquired the 248-unit Foxcroft Apartments for $22.32 million, now rebranded as The Apartments at Midtown 501, and the 144-unit Timberlyne Village for $8.7 million, now rebranded as The 86 North Apartments. Eller’s overall investment into the purchase and refurbishment of the three properties into luxurious but affordable homes amounts to $65 million.
“Eller Capital Partners is committed to making its Chapel Hill communities desirable, convenient and comfortable places to live,” Eller added. “We want to offer apartment units with modern, upscale finishes at a price that nearly anyone who works in Chapel Hill can afford.”
Founded in 2011, Eller Capital Partners is a multifamily investment, development and property management firm based in Chapel Hill. The company currently focuses on the expansion of its portfolio throughout the southeast region of the United States.
Photo credits: Eller Capital Partners