Buying High

The recent sale of a 28-unit property in Archdale caught everyone’s attention because of the per-door price it fetched. From the Triad Business Journal:

Terrace Trace, a 28-unit apartment property in Archdale, has sold for $1.5 million.

The price amounted to about $53,500 per unit, according to a Monday news release from commercial real estate investment services firm Marcus & Millichap(NYSE: MMI).

The property has three buildings consisting entirely of two-bedroom, two-bathroom units.

“The price per door sets a new precedent for this asset class in the smaller submarkets of the Triad region,” said Patrick Foster, the Marcus & Millichap investment specialist who exclusively listed and marketed the property.

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