| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 61st | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Parable Way, Cary, NC, 27519, US |
| Region / Metro | Cary |
| Year of Construction | 2008 |
| Units | 48 |
| Transaction Date | 2014-10-20 |
| Transaction Price | $45,630,000 |
| Buyer | 12000 WISDOM DRIVE HOLDINGS LLC |
| Seller | TRADITION AT STONEWATER APARTMENTS LLC |
1000 Parable Way Cary NC Multifamily Investment
Positioned in Cary’s inner suburbs with strong schools and proximity to major employers, the asset benefits from a deep, high-income renter base and steady leasing fundamentals, according to WDSuite’s CRE market data.
Located in the Raleigh–Cary metro’s Inner Suburb fabric, the neighborhood rates competitively among 331 metro neighborhoods and appeals to renters seeking convenience and quality schools. Average school ratings sit at the top of national distributions, supporting family-oriented demand and longer tenancy horizons for well-managed units.
Local amenities skew above national medians for everyday needs—restaurants, cafes, childcare, and pharmacies are reasonably accessible—while park access is limited, which may place a premium on on-site open space or nearby private recreation. Median contract rents in the neighborhood trend above national norms, backed by high household incomes and a rent-to-income profile that suggests manageable affordability pressure from an investor perspective.
Tenure patterns indicate a strong renter-occupied concentration at the neighborhood level (about 70% of occupied housing units are renter-occupied), pointing to a sizable tenant base and consistent multifamily demand. At the 3-mile radius, demographic statistics show population and household growth with rising incomes, which supports absorption and rent durability for quality units.
Occupancy in the neighborhood tracks around the national median, implying stable but competitive leasing conditions. Compared with national CRE trends, the combination of high educational attainment, elevated home values, and strong schools suggests that the high-cost ownership market reinforces reliance on multifamily housing, aiding retention and pricing power for well-located assets.
Safety indicators for the neighborhood sit below the national median, so investors should underwrite prudent security, lighting, and access-control measures. That said, recent data show property offense rates declining year over year, which aligns with a gradual improvement trend rather than acute risk.
Relative to other Raleigh–Cary neighborhoods (331 total), the area is broadly mid-pack, with national percentiles indicating more caution than high-safety submarkets. Balanced messaging in leasing and resident engagement, along with standard risk management, can help sustain occupancy without overcommitting operating spend.
Proximity to regional employers anchors daily commute demand and supports leasing stability. Notable nearby firms include Cisco Systems, Biogen Idec, John Deere, Quintiles Transnational Holdings, and AmerisourceBergen—creating a diversified professional tenant pool within short driving distance.
- Cisco Systems — technology (1.4 miles)
- Cisco Systems, Building 8 — technology (1.5 miles)
- Biogen Idec — biotech (2.0 miles)
- John Deere Morrisville Training Center — equipment & training (4.0 miles)
- Quintiles Transnational Holdings — life sciences services (4.0 miles) — HQ
- Amerisource Bergen — pharmaceutical distribution (4.1 miles)
Built in 2008, the property competes well against older suburban stock while approaching a phase where targeted capital planning can enhance finishes, building systems, and curb appeal. The neighborhood’s high-income profile, top-tier schools, and proximity to anchor employers underpin a durable tenant base and support rent positioning. Based on CRE market data from WDSuite, neighborhood occupancy is around the national median, indicating steady leasing conditions where thoughtful renovations and amenity programming can differentiate.
Within a 3-mile radius, population and household growth alongside rising incomes point to renter pool expansion and absorption support. Elevated home values in the area create a high-cost ownership market that tends to sustain multifamily demand and encourage lease retention for quality, well-managed communities.
- 2008 vintage with value-add potential through selective modernization and systems upgrades
- High-income renter base and top-rated schools support pricing power and tenant stability
- Employer proximity (technology, biotech, life sciences) underpins steady leasing and retention
- Demographic growth within 3 miles signals renter pool expansion and supports absorption
- Risks: mid-pack safety metrics and limited park access; underwriting should include standard security and amenity strategies