| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1000 Umstead Hollow Pl, Cary, NC, 27513, US |
| Region / Metro | Cary |
| Year of Construction | 2006 |
| Units | 120 |
| Transaction Date | 2020-01-30 |
| Transaction Price | $67,750,000 |
| Buyer | WESTON LAKESIDE LLC |
| Seller | SVF WESTON LAKESIDE LLC |
1000 Umstead Hollow Pl Cary Multifamily Investment
2006-vintage, 120-unit asset in Cary’s inner suburbs positions ahead of older local stock and taps a renter base that is roughly half of area housing units, according to WDSuite’s CRE market data. Strengths include proximity to major employers and steady neighborhood occupancy, with room to price for quality in a high-cost ownership market.
Cary’s Inner Suburb setting offers daily convenience and employment access that resonate with workforce and professional renters. Neighborhood-level amenities index well versus national peers: restaurants and parks score in the top quartile nationally, while childcare access is also strong. Within the Raleigh–Cary metro, the neighborhood’s overall standing is competitive among 331 neighborhoods, and housing fundamentals rank competitively as well, based on CRE market data from WDSuite.
For investors, tenure patterns are favorable: the share of housing units that are renter-occupied sits around half in the immediate neighborhood, and within a 3-mile radius renters account for just over half of occupied units. That depth supports leasing and renewals across economic cycles and suggests a wide tenant pool for a 120-unit community.
Occupancy at the neighborhood level has inched higher over the last five years, and median contract rents sit above many U.S. neighborhoods, while the rent-to-income ratio remains moderate. Elevated home values locally indicate a high-cost ownership market, which can reinforce renter reliance on multifamily housing and support pricing power for well-maintained, newer assets.
Demographic indicators aggregated within a 3-mile radius point to continued renter demand: population and households have expanded over the past five years, and forecasts call for further increases in both population and household counts. A shrinking average household size alongside rising household counts typically points to more households competing for units, which can support occupancy stability and absorption for properties positioned with contemporary finishes and amenities.
Safety metrics should be evaluated with care. Compared with neighborhoods nationwide, this area sits below the national median for safety (national percentile readings are lower), and within the Raleigh–Cary metro its crime rank places it among neighborhoods with comparatively higher reported crime (ranked against 331 metro neighborhoods). Investors may wish to incorporate enhanced security measures and underwriting cushions consistent with submarkets that exhibit similar readings.
Recent trends are mixed: estimated property offenses declined markedly year over year (an improvement that compares favorably to many neighborhoods nationwide), while estimated violent offenses increased over the same period. This combination argues for asset-level mitigations—lighting, access control, and partnership with local patrols—alongside realistic lease-up and retention assumptions.
The property benefits from proximity to a diversified employment base spanning insurance, manufacturing and equipment, pharma distribution, and life sciences/clinical research—supporting commute convenience and day-to-day renter demand for multifamily housing.
- MetLife — insurance (0.9 miles)
- John Deere Morrisville Training Center — manufacturing/equipment training (2.4 miles)
- Amerisource Bergen — pharma distribution (2.5 miles)
- Quintiles Transnational Holdings — clinical research (4.5 miles) — HQ
- Biogen Idec — biotechnology offices (5.0 miles)
Built in 2006, 1000 Umstead Hollow Pl is newer than the average neighborhood vintage and should compete well against older local stock, while still warranting routine system updates as it approaches two decades in service. The neighborhood shows a renter concentration around half of housing units and steady occupancy trends, while elevated home values in Cary point to a high-cost ownership market that can sustain rental demand. Within a 3-mile radius, population and households have grown and are projected to continue rising, implying a larger tenant base and support for occupancy stability.
Positioned near major employers across insurance, life sciences, and corporate services, the asset is aligned with commuter demand drivers and daytime population. According to CRE market data from WDSuite, local rents and household incomes compare favorably to national medians, suggesting room to maintain competitive pricing for a well-operated, mid-2000s asset, with underwriting mindful of neighborhood safety readings.
- 2006 vintage offers competitive positioning versus older neighborhood stock with manageable modernization needs
- Renter-occupied share around half locally and just over half within 3 miles supports deep tenant demand
- High-cost ownership market in Cary reinforces reliance on multifamily and pricing power for quality assets
- Proximity to insurance, life sciences, and corporate services underpins leasing and retention
- Risk: neighborhood safety metrics sit below national medians; budget for security and conservative lease-up