| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 76th | Best |
| Demographics | 75th | Good |
| Amenities | 44th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Broadstone Way, Apex, NC, 27502, US |
| Region / Metro | Apex |
| Year of Construction | 2013 |
| Units | 24 |
| Transaction Date | 2024-05-24 |
| Transaction Price | $66,250,000 |
| Buyer | BROADSTONE APEX NC LP |
| Seller | VILLAGE/BROADSTONE STATION I L |
1000 Broadstone Way, Apex NC Multifamily Opportunity
Suburban Apex shows steady renter demand and a balanced occupancy backdrop, according to WDSuite’s CRE market data, with educated households and income growth supporting leasing fundamentals. This asset’s 2013 vintage positions it competitively versus older stock while remaining a manageable scope for targeted upgrades.
Apex sits within the Raleigh-Cary metro and this neighborhood scores competitive among 331 metro neighborhoods (A- rating), reflecting solid livability and renter appeal. Rents in the area have risen over the past five years and the neighborhood s occupancy is around the metro median, suggesting generally stable leasing with periodic turnover that active management can capture.
Daily needs are largely covered with a mix of groceries and eateries, and the area 19s cafe density sits in the top quartile nationally. Public parks and pharmacies are limited within the neighborhood footprint, so residents often rely on nearby nodes for recreation and services a0 a consideration for marketing and retention strategies rather than a structural headwind.
Schools score in the top quartile nationally (average around 4 out of 5), which supports family-oriented renter demand and longer tenancy horizons. The neighborhood 19s renter-occupied share is elevated relative to many suburban peers, indicating a meaningful tenant base for multifamily product without excessive concentration risk.
Within a 3-mile radius, demographics show population and household growth over the past five years, with further household expansion projected by 2028. This points to a larger tenant base and supports occupancy stability and pricing power, especially for well-managed properties offering modern finishes and efficient unit mixes.
Home values in the area are comparatively elevated for North Carolina, which tends to reinforce reliance on rental housing and can aid lease retention. Rent-to-income levels remain manageable locally, helping mitigate affordability pressure and supporting renewal strategies.
Safety indicators compare favorably to many neighborhoods nationwide, with the area landing in the upper percentiles for lower crime rates. Year-over-year trends also show notable improvement in both property and violent offense measures, reinforcing a stable backdrop for resident retention and leasing.
At the metro level, the neighborhood performs above average versus numerous Raleigh-Cary peers, aligning with investor expectations for suburban assets catering to working professionals and families. While conditions can vary by block and over time, recent directionality supports a prudent underwriting stance on safety-related operating assumptions.
Nearby employers create a diversified white-collar and services employment base that supports renter demand and commute convenience, including Erie Insurance Group, MetLife offices, John Deere training, and AmerisourceBergen. These nodes help sustain weekday traffic and leasing stability for workforce-oriented apartments.
- Erie Insurance Group a insurance (2.95 miles)
- MetLife Auto & Home Craig Conley LUTCF a insurance office (4.71 miles)
- MetLife a financial services (8.53 miles)
- John Deere Morrisville Training Center a industrial training (8.89 miles)
- Amerisource Bergen a pharmaceuticals distribution (9.56 miles)
Built in 2013 with 24 units, the property offers a relatively modern competitive set in suburban Apex a0 a segment where educated, higher-income households underpin demand. According to CRE market data from WDSuite, the neighborhood 19s occupancy sits around the metro median with rents that have advanced over five years, indicating steady absorption and room for revenue management. The 2013 vintage should remain competitive versus older local stock, while investors can plan for mid-life system upkeep and selective interior upgrades to drive NOI.
Within a 3-mile radius, both population and households have grown and are projected to expand further, pointing to a larger renter pool over the medium term. Elevated home values in the neighborhood context sustain reliance on rental housing, while local rent-to-income levels suggest manageable affordability pressure a0 a supportive setup for lease retention and consistent occupancy.
- 2013 vintage supports competitive positioning versus older assets; plan for mid-life capex and targeted value-add.
- Stable neighborhood occupancy and multi-year rent growth, per WDSuite, enable revenue management.
- 3-mile population and household growth expands the tenant base and supports leasing velocity.
- Elevated ownership costs reinforce rental demand; rent-to-income levels aid renewal and retention strategies.
- Risks: occupancy is near metro median and local amenities (parks, pharmacies) are limited in-neighborhood, requiring proactive marketing and resident programming.