| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 89th | Best |
| Amenities | 81st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2000 Bullhead Rd, Apex, NC, 27502, US |
| Region / Metro | Apex |
| Year of Construction | 2011 |
| Units | 24 |
| Transaction Date | 2021-09-22 |
| Transaction Price | $56,900,000 |
| Buyer | 4000 SPOTTER DR NC LP |
| Seller | BELL HNW EXCHANGE APEX LLC |
2000 Bullhead Rd Apex NC Multifamily, 2012 Vintage
Newer construction and strong neighborhood fundamentals support durable renter demand and occupancy stability, according to WDSuite’s CRE market data.
Situated in Apex within the Raleigh–Cary metro, the neighborhood scores an A+ and ranks 4th among 331 metro neighborhoods, signaling strong overall fundamentals for multifamily. Amenity access is competitive, with neighborhood amenity metrics in the 81st percentile nationally, supporting day-to-day convenience that helps with retention and leasing.
Operationally, the neighborhood’s occupancy is in the 86th percentile nationally, indicating top quartile stability across comparable areas nationwide. Median contract rents in the immediate area are consistent with a higher-income renter base, while the neighborhood’s rent-to-income ratio of 0.18 suggests manageable affordability pressure that can support steady collections and moderate pricing power.
Household and demographic indicators are favorable for demand. Within a 3-mile radius, the past five years show population growth alongside a larger increase in households and a modest decline in average household size—factors that typically expand the renter pool and support occupancy stability. Forward-looking estimates indicate continued increases in households by 2028, reinforcing depth of demand for rental units. Neighborhood educational quality is a standout, with average school ratings at the top of the metro (1st of 331) and in the top percentile nationally, a driver of long-term neighborhood appeal and lease retention.
The property’s 2012 construction is materially newer than the neighborhood’s older housing stock (average vintage 1935). For investors, this generally implies competitive positioning versus older comparables and potential for lower near-term capital expenditure needs, while still allowing room for targeted modernization to enhance revenue.
Tenure dynamics indicate a meaningful renter base: approximately 41.8% of housing units in the neighborhood are renter-occupied, placing the area above the metro median for renter concentration. For multifamily owners, this supports a deeper tenant base and consistent leasing activity.
Ownership costs are elevated locally (home values track in the 81st percentile nationally), which tends to sustain reliance on multifamily housing and can support pricing resilience. At the same time, investors should monitor rent-to-income trends to manage retention risk and optimize renewal strategies.
Safety indicators present a mixed but generally constructive picture. Nationally, the neighborhood aligns above average safety (65th percentile), which can aid leasing and retention. Within the Raleigh–Cary metro, however, its crime rank (16th among 331 neighborhoods) indicates higher relative crime than many local peers, so property-level security measures and tenant communication remain important.
Recent trends are favorable on property-related incidents: estimated property offenses show a sharp year-over-year decline (ranked 5th for improvement among 331 metro neighborhoods and in the 94th percentile nationally), while violent offense levels sit near the national median with a modest recent uptick. Investors should balance the positive momentum on property offenses with ongoing monitoring of violent offense trends and maintain prudent on-site practices.
Proximity to regional employers underpins renter demand and commute convenience for workforce tenants. Notable nearby employers include Erie Insurance Group, MetLife, John Deere, AmerisourceBergen, and Quintiles (IQVIA).
- Erie Insurance Group — insurance services (2.2 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance services (3.3 miles)
- MetLife — insurance & corporate offices (6.2 miles)
- John Deere Morrisville Training Center — manufacturing training center (6.4 miles)
- Amerisource Bergen — pharmaceutical distribution offices (7.1 miles)
- Quintiles Transnational Holdings — life sciences & CRO (9.1 miles) — HQ
This 2012-vintage asset benefits from a high-performing neighborhood within the Raleigh–Cary metro, where occupancy trends are top quartile nationally and educational quality is best-in-metro—conditions that typically support strong leasing and retention. Elevated local home values reinforce sustained reliance on multifamily housing, while a moderate rent-to-income profile supports collections and renewal strategies. Within a 3-mile radius, population growth, a larger increase in households, and shrinking household sizes point to renter pool expansion and durable demand for units, based on CRE market data from WDSuite.
Relative to older neighborhood stock, the newer vintage positions the asset competitively and may reduce near-term capital needs, with targeted improvements offering value-add upside. Investors should remain mindful of metro-relative safety positioning and manage affordability pressure as rents trend higher alongside income growth.
- Top quartile neighborhood occupancy nationally supports leasing stability
- 2012 construction offers competitive positioning versus older local stock with selective value-add potential
- 3-mile radius shows household growth and smaller household sizes, expanding the tenant base
- Elevated ownership costs reinforce reliance on rentals, aiding pricing resilience
- Risks: metro-relative crime rank and rising rents may require focused retention and security strategies