| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 80th | Best |
| Demographics | 73rd | Good |
| Amenities | 21st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 200 Pony Club Cir, Cary, NC, 27519, US |
| Region / Metro | Cary |
| Year of Construction | 2003 |
| Units | 24 |
| Transaction Date | 2024-05-16 |
| Transaction Price | $17,100,000 |
| Buyer | GROVE AT CARY PARK APARTMENTS LLC |
| Seller | CG CARY LIMITED PARTNERSHIP |
200 Pony Club Cir Cary Multifamily Opportunity
Strong neighborhood occupancy and high-income renter demand support stable operations, according to WDSuite’s CRE market data. Elevated ownership costs in Cary, NC reinforce multifamily leasing fundamentals without requiring aggressive concessions.
Located in a suburban pocket of Cary within the Raleigh–Cary metro, the neighborhood rates B+ and is competitive among local peers. Neighborhood occupancy is high and trending up, with the area placing competitive among Raleigh–Cary neighborhoods (rank 95 of 331; 81st percentile nationally), a constructive signal for rent roll durability and renewal capture.
Livability skews toward family households and commuter convenience rather than dense retail. Immediate cafe and restaurant counts are limited, while grocery and pharmacy access track closer to metro norms. The average school rating scores at the top of the metro (rank 1 of 331) and in the top percentile nationally, which can bolster retention for family renters seeking educational stability.
Ownership is costly in this neighborhood relative to incomes (median home value around the top decile nationally) and median contract rents are above national norms. Rent-to-income ratios remain manageable by national standards, which supports pricing power while containing near-term retention risk. With only about a quarter of housing units renter-occupied (24.2%), the renter concentration is lower than urban cores but still sufficient to sustain a stable tenant base for a 24-unit asset.
Within a 3-mile radius, demographics point to a larger tenant base over time: population grew roughly 30% in the last five years, households rose about 32%, and forecasts indicate further household expansion alongside a modest decline in average household size. These shifts translate to more renters entering the market and support for occupancy stability. Median and mean household incomes in this radius are high and projected to grow, reinforcing the area’s ability to absorb moderate rent increases as lease management allows.
Vintage context: the property was built in 2003, while the neighborhood’s average construction year trends newer (2018). Investors should plan for selective capital improvements and modernization to maintain competitive positioning against recent deliveries, potentially unlocking value-add rents through interior updates and common-area enhancements.
Safety indicators for the neighborhood sit near the national middle but somewhat above the metro median for crime levels. The area’s crime rank is 79 out of 331 Raleigh–Cary neighborhoods, where lower ranks indicate more crime, placing it above the metro median for incidence even as national percentiles (around the mid-40s) suggest a roughly average profile compared with neighborhoods nationwide.
Recent trends are mixed: estimated property offenses declined sharply year over year (improvement in the top quintile nationally), while estimated violent offenses increased over the same period (weaker trend relative to peers). Investors should underwrite standard security and lighting enhancements and monitor local trendlines rather than relying on block-level assumptions.
Proximity to major technology, life sciences, insurance, and industrial employers supports a deep professional tenant base and commute-friendly leasing. Nearby anchors include Cisco Systems, Biogen Idec, John Deere’s training center, Quintiles Transnational Holdings, and MetLife.
- Cisco Systems, Building 8 — technology (3.0 miles)
- Biogen Idec — biotechnology (3.3 miles)
- John Deere Morrisville Training Center — industrial equipment training (4.4 miles)
- Quintiles Transnational Holdings — clinical research/CRO (5.4 miles) — HQ
- MetLife — insurance (5.6 miles)
This 24-unit, 2003-vintage asset benefits from high neighborhood occupancy and a well-capitalized renter base. Elevated home values in Cary strengthen renter reliance on multifamily housing, while rent-to-income levels remain manageable, supporting lease retention and measured rent growth. According to CRE market data from WDSuite, the surrounding neighborhood ranks competitive within the metro for occupancy and sits in strong national percentiles, indicating durable fundamentals.
Within a 3-mile radius, rapid population and household growth—paired with continued income gains—points to a larger tenant base over the medium term. Given that the neighborhood’s average construction year is newer than the asset, a targeted value-add program focused on interiors and common areas can enhance positioning versus recent deliveries while maintaining prudent capital plans.
- High neighborhood occupancy and stable renewal backdrop support consistent cash flow
- Strong incomes and high-cost ownership market reinforce multifamily demand and pricing power
- 3-mile radius shows population and household growth, expanding the renter pool over time
- 2003 vintage offers value-add potential to compete with newer local stock
- Key risks: limited walkable amenities and mixed crime trendlines warrant conservative underwriting