The Courtyard on Franklin Street - Kairys Properties
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The Courtyard on Franklin Street

The Courtyard on Franklin Street

Chapel Hill, NC

Early in 2012 we acquired six contiguous lots each with small 1940’s cinderblock rental houses.

We received approval from town to demo all existing structures and developed over 21k square feet of upscale student housing. See attached brochure.

ACQUISITION
  • Acquisition Date 5/1/12
  • Acquisition Price $972,000
COSTS
  • Total Hard Costs $1,550,000
  • Total Soft/Entitlement Costs $250,000
  • ALL IN COSTS $2,772,000
STABILIZATION
  • CO’s issued 8/1/13
  • Gross Monthly Rent $38,000
  • Annual Net Operating Income $319,000
  • Stabilized Cap Rate 11.5%