Sailboat Bay 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. Located in Northwest Raleigh, Sailboat Bay is in one of Raleigh’s best performing and most attractive suburban markets. Northwest Raleigh provides strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh, as well as provides access to some of the highest rated public schools in the MSA. Sailboat Bay, like its’ sister property Bridgeport, is one of only five communities with frontage on Lake Lynn. Lake Lynn is a 56-acre man-made lake, popular with kayakers and canoers as well as joggers, cyclists, and walkers that take advantage of the 2.8-mile trail encircling the lake. Sailboat Bay, with 90% one-bedroom homes, provides a quieter setting for those looking to live on the lake.
TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.
The 192-unit property was built in 1986. All homes include large walk-in closets while select homes feature built-in bookshelves and washers and dryers. The property has been well maintained and presents an opportunity to make accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, stone countertops with undermount sink, new cabinet fronts and pulls, and upgraded upgraded plumbing and lighting fixtures.
TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, updating the dog park, and adding new furnishings at the pool. Furthermore, painting the exterior and improving the landscaping will help enhance the overall image and curb appeal of the Property.