| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Best |
| Demographics | 89th | Best |
| Amenities | 72nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1014 Parktop Dr, Cary, NC, 27513, US |
| Region / Metro | Cary |
| Year of Construction | 2013 |
| Units | 105 |
| Transaction Date | 2011-12-19 |
| Transaction Price | $2,400,000 |
| Buyer | LOFTS AT WESTON LLC |
| Seller | AERC LOFTS LAKESIDE LP |
1014 Parktop Dr, Cary NC Multifamily Investment
Positioned in Cary’s inner suburbs, this 2013-built asset benefits from a deep renter base and a high-cost ownership market that supports leasing durability, according to WDSuite’s CRE market data. Neighborhood occupancy figures reference the surrounding area and indicate steady renter demand rather than property-specific performance.
Cary’s Inner Suburb setting offers strong livability fundamentals for renters. Neighborhood amenities trend above national medians for groceries, pharmacies, parks, and restaurants (national percentiles roughly low 60s to low 70s), while cafes are less dense. For investors, this mix typically supports day-to-day convenience and resident retention without relying on destination retail.
Renter concentration in the immediate area is meaningful: within a 3-mile radius, an estimated majority of housing units are renter-occupied, indicating a sizable tenant base and demand depth for multifamily. Neighborhood occupancy is reported at the neighborhood level (not the property) and has been stable in recent years, supporting underwriting assumptions around leasing continuity rather than rapid lease-up risk.
Demographics aggregated within a 3-mile radius show population and household growth over the last five years, with forecasts calling for continued population gains and a notable increase in households. This points to a larger tenant base ahead and potential support for occupancy stability. Household sizes are trending smaller, which can increase demand for professionally managed rental options.
Home values in the neighborhood rank high nationally, signaling a high-cost ownership market relative to incomes. For multifamily owners, elevated ownership costs often reinforce reliance on rental housing and can bolster pricing power, though operators should continue to manage renewal strategies to balance rent growth with retention. Rent-to-income metrics in the neighborhood sit near the national midpoint, suggesting moderate affordability pressure and room for disciplined rent management.
Safety indicators for the neighborhood point to mixed signals. Compared with neighborhoods nationwide, violent and property offense levels are below the national median for safety, but property offenses have improved sharply year over year (a positive directional trend). These measures are neighborhood-level, not property-specific, and should be considered alongside on-the-ground management practices and resident screening.
Within the Raleigh–Cary metro context, trends suggest the area is competitive among peer neighborhoods, with recent declines in property offenses helping the trajectory. Investors typically mitigate residual risk through lighting, access control, and community engagement to support resident satisfaction and retention.
The property sits near a diversified employment base spanning insurance, industrial equipment training, pharmaceutical distribution, contract research, and biotechnology—supporting commute convenience and multifamily renter demand in the submarket.
- MetLife — insurance (1.1 miles)
- John Deere Morrisville Training Center — industrial equipment training (2.5 miles)
- Amerisource Bergen — pharmaceutical distribution (2.6 miles)
- Quintiles Transnational Holdings — contract research organization (4.5 miles) — HQ
- Biogen Idec — biotechnology offices (5.1 miles)
Built in 2013, the asset is newer than much of the surrounding stock, providing competitive positioning versus older properties while still warranting mid-life planning for building systems and selective modernization. The neighborhood shows steady occupancy and a renter-occupied housing base near half, with 3-mile radius demographics indicating population growth, more households ahead, and smaller household sizes—factors that typically expand the renter pool and support leasing stability.
A high-cost ownership landscape in the neighborhood, coupled with rent-to-income levels near national midpoints, supports sustained multifamily demand with manageable affordability pressure when paired with disciplined renewal and pricing strategies. According to CRE market data from WDSuite, these dynamics align with resilient renter demand drivers seen across the Raleigh–Cary metro’s inner suburbs.
- 2013 vintage offers competitive positioning versus older stock, with scope for targeted upgrades
- Neighborhood-level occupancy and sizable renter base support leasing stability
- 3-mile radius shows population and household growth, expanding the tenant pool
- High-cost ownership market reinforces reliance on rentals and potential pricing power
- Risks: property crime trends require active management; affordability must be balanced to sustain retention