DURHAM, N.C. — Marcus & Millichap has arranged the $84.8 million sale of Kelby Farms, a 277-unit community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller was a partnership that includes Raleigh-based Woodfield Development.
Kelby Farms was built in 2022. The community is currently under construction and is slated for completion next month. The asset was more than 70 percent occupied at the time of sale. Kelby Farms offers studio, one-, two- and three-bedroom units with an average size of 1,001 square feet. Amenities include a pool, fitness center, co-working space, study areas and a game lounge. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com.
The property is located in proximity to downtown Durham and downtown Chapel Hill, as well as Research Triangle Park, which is the largest research park in the nation. In addition, the Patterson Place shopping plaza is within walking distance of the community. Additional shopping, restaurants and entertainment are close by on Durham-Chapel Hill Boulevard and at the Southpoint Mall.