| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 76th | Best |
| Amenities | 25th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Alexan Dr, Cary, NC, 27519, US |
| Region / Metro | Cary |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2012-11-29 |
| Transaction Price | $33,500,000 |
| Buyer | WMCI RALEIGHT VII LLC |
| Seller | PANTHER CREEK APARTMENTS LLC |
1000 Alexan Dr Cary NC Multifamily Investment
Neighborhood occupancy is strong and renter demand is supported by high-income households, according to WDSuite’s CRE market data, positioning this Cary asset for durable performance relative to Raleigh–Cary peers.
Cary’s Inner Suburb setting delivers a balance of newer housing stock and family-oriented fundamentals. The neighborhood rates B+ and is competitive among Raleigh–Cary neighborhoods (96 of 331), with neighborhood occupancy around the top quartile nationally and an above-median renter concentration for the area. The share of renter-occupied units near the mid‑40% range indicates a sizable tenant base that can support leasing stability.
Livability signals skew positive for investors: average school ratings are high (about 4.5/5; top quartile nationally), and groceries/restaurants are accessible versus national norms, even though parks, pharmacies, and cafes are limited within the neighborhood footprint. Relative to the metro, these amenities point to daily convenience more than destination retail.
Within a 3‑mile radius, demographics show a larger tenant pool forming: population and household counts have expanded materially, with forecasts calling for further population growth and a notable increase in households by 2028. This supports multifamily demand via a larger renter base and smoother lease‑up.
Ownership costs are elevated for the area (home values in a high national percentile), which tends to sustain reliance on multifamily housing and can bolster pricing power. At the same time, rent‑to‑income levels appear manageable for the market, aiding retention. The neighborhood’s average construction year skews newer (2017), so a 2008 asset should remain competitive with targeted modernization and capital planning to meet current resident expectations.
Safety indicators benchmark modestly better than national averages overall, with the neighborhood near the 60th percentile nationwide for lower crime based on WDSuite data. Compared with other Raleigh–Cary neighborhoods, it presents a balanced profile rather than an outlier.
Recent trends are constructive: both violent and property offense rates have moved lower year over year, placing the neighborhood in stronger improvement percentiles nationally. For investors, that trajectory can support resident retention and leasing stability, while acknowledging that conditions vary by micro‑area and over time.
Proximity to major employers in and around Research Triangle Park underpins workforce housing demand and commute convenience. Nearby anchors include Cisco, Biogen, John Deere, IQVIA, and MetLife.
- Cisco Systems, Building 8 — networking technology (2.1 miles)
- Biogen Idec — biotechnology (2.4 miles)
- John Deere Morrisville Training Center — industrial equipment training (3.3 miles)
- Quintiles Transnational Holdings — life sciences services (4.4 miles) — HQ
- MetLife — insurance and financial services (4.7 miles)
Built in 2008, this 24‑unit asset sits in a neighborhood with elevated occupancy and a renter base supported by high household incomes and a high‑cost ownership market. According to CRE market data from WDSuite, neighborhood occupancy trends are strong versus national norms, while rent‑to‑income levels suggest manageable affordability pressure—both constructive for lease retention and pricing discipline.
Within a 3‑mile radius, population and household counts have grown and are projected to rise further, pointing to renter pool expansion that can support steady absorption. The submarket’s newer average vintage (2017) sets a competitive bar; targeted renovations and systems updates can position a 2008 property well against recent deliveries without overcapitalizing.
- Strong neighborhood occupancy and substantial renter-occupied share support leasing stability
- 3-mile population and household growth signal a larger tenant base and durable demand
- High ownership costs reinforce multifamily demand; rent-to-income trends aid retention
- 2008 vintage: value-add potential via selective renovations to compete with newer stock
- Risks: newer competing supply and limited neighborhood parks/cafes may temper lifestyle appeal