New Mebane Apartment Community Sells for $14.8 Million

Alexander Pointe Apartments, a newly constructed 120-unit apartment community in Mebane, was sold to an investor before its last 24 units had even received their CO. The sales price of $14.8 million worked out to $123,333.33 a door. From an article in the Triad Business Journal:

Alexander Pointe Apartments, one of the newest of several recently opened Mebane apartment complexes, was sold to Chapel Hill entrepreneur Jim Kitchen’s Sovereign Development Co. LLC for $14.8 million by First Mebane Properties LLC and developer Dennis Euless of Graham…

“It was a win-win for both parties,” said Mary Gwyn, whose Apartment Dynamics firm is managing the property for Kitchen, who is currently out of the country. “We thought it was a great price. The outlook for Mebane is so good. People want to live here — it’s near everything.

Rents at the 9.6-acre community start at $850 for one bedrooms and at $1,250 for three bedroom units. Amenities include a saltwater swimming pool, a putting green, a dog park and a large clubhouse with a fitness center and a conference room.