Pittsboro apartments fetch $91M as Triangle market balloons beyond Raleigh, Durham
- Keller Group
- Jun 17, 2022
- 2 min read
Updated: 5 days ago
A Chatham County apartment complex fetched a massive price tag recently.
The Sanctuary at Powell Place apartment complex in Pittsboro sold for $91.3 million, according to a deed filed June 1. Aldon Management Corp., based in Bethesda, Maryland, purchased the 264-unit complex from Sanford-based Carolina Commercial Contractors, who partnered with the Holmes family in creating the complex.
Sanctuary at Powell Place, built in 2020, sits near the intersection of U.S. Highway 64 and U.S. Highway 15-501. When it opened, it marked the first new apartment complex in Chatham County in over 20 years, according to the Chatham News + Record.
The complex is comprised of one-, two- and three-bedroom apartments with wood-style flooring, granite countertops and stainless steel appliances. The complex was 99.2 percent occupied at the time of the sale, said Capstone Apartment Partners, which sold the property on behalf of Carolina Commercial Contractors.
The mega sale price – a whopping $345,000 per unit – represents how much growth is spilling out of Wake and Durham counties into places like Chatham County. The Triangle housing market continues to see relentless demand far outpace supply.
Notably, the sale price rivals other high-end apartment sales recently in Raleigh, like the $91.2 million paid for a 244-unit complex in the Village District ($374,000 per unit) and the $120 million paid for the Allister at North Hills apartment complex ($276,000 per unit). And just earlier this week, the Luxury Apartments at Foxwood in Raleigh sold for just over $165 million ($359,000 a unit).
Sanctuary at Powell Place sits less than two miles from Chatham Park, one of the largest master-planned communities on the East Coast. The development will feature 22,000 homes and 22 million square feet of commercial space at full buildout.
Aldon Management owns and operates multifamily housing mostly in the Mid-Atlantic and Southeast states, including the Piedmont Raleigh apartments by Triangle Town Center.
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