Duraleigh Woods is one of three properties in the Raleigh Portfolio, which represents both TruAmerica’s first investment in the Raleigh-Durham MSA and the State of North Carolina. The property benefits from its location within Northwest Raleigh, providing strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh. Duraleigh Woods is located just off Glenwood Avenue, the main thoroughfare that connects Downtown Raleigh and Downtown Durham, as well as provides immediate access to the Raleigh-Durham Airport and the Research Triangle Park. Furthermore, Duraleigh Woods benefits from its proximity to UNC-Rex Hospital, the oldest hospital in the MSA and home to over 6,400 jobs.
TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.
The 362-unit property was built in 1986. All homes include full-size washers and dryers, walk-in closets, fireplaces, and patios or balconies. The property has been well maintained and has minimal deferred maintenance and exterior repairs, allowing most of the capital to be spent on accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, updated laminate countertops, new cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures. Targeted improvements will also be made to the previously renovated and partially renovated homes.
TruAmerica also plans to make improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, upgrading the business center, updating the dog park, and adding new furnishings at the pools. Furthermore, improving the landscaping will help enhance the overall image and curb appeal of the Property.