| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Poor |
| Demographics | 72nd | Good |
| Amenities | 26th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 12800 Spruce Tree Way, Raleigh, NC, 27614, US |
| Region / Metro | Raleigh |
| Year of Construction | 2002 |
| Units | 121 |
| Transaction Date | 2012-12-03 |
| Transaction Price | $20,500,000 |
| Buyer | Harvest Gardens at |
| Seller | The Gardens at, was |
12800 Spruce Tree Way, Raleigh NC Multifamily Investment
121-unit 2002-vintage asset in a suburban Raleigh pocket where elevated home values and strong household incomes support durable renter demand, according to WDSuite’s CRE market data. Near-term leasing draws from a wider 3-mile renter base, with scale that supports professional management and operational efficiencies.
Located in a suburban submarket of the Raleigh-Cary metro, the immediate neighborhood carries a B rating and sits near the metro median (rank 143 of 331 neighborhoods). Ownership costs are elevated for the area (home values in the high national percentiles), which tends to sustain reliance on multifamily housing and supports pricing power for well-positioned assets.
Day-to-day convenience is adequate rather than urban. Grocery access is competitive among Raleigh-Cary neighborhoods (rank 94 of 331), while cafes, restaurants, and parks are limited nearby. Average school quality trends above national norms (around the 70th percentile), which can aid family renter retention. These dynamics favor properties that provide on-site amenities to offset thinner retail and recreation options.
Renter concentration in the immediate neighborhood is on the lower side, but within a 3-mile radius renters account for a sizable share of housing units and household incomes are high, indicating depth in the tenant base beyond the block face. The neighborhood’s rent-to-income profile points to manageable affordability pressure for renters, which can help stabilize renewals and collections. This context aligns with balanced demand drivers seen in rigorous commercial real estate analysis from WDSuite.
From a market-performance lens, neighborhood NOI per unit trends above national midpoints, while reported occupancy at the neighborhood level is softer than broader metro benchmarks. For investors, that combination suggests opportunities for well-executed marketing, amenity activation, and targeted upgrades to capture share from older stock and improve lease-up velocity.
Safety indicators for the neighborhood are mixed relative to national benchmarks. Overall crime measures track below the national average for safety (around the 32nd percentile nationally), and violent offense comparisons are weaker (roughly the 16th percentile). Within the Raleigh-Cary metro (331 neighborhoods total), the area trends around the middle of the pack, indicating neither an outlier risk zone nor a top-tier safety enclave.
Trend-wise, recent data shows year-over-year improvement in violent offense rates, placing the neighborhood slightly above the national middle for positive change. For underwriting, prudent assumptions around security features, lighting, and visibility are reasonable, while recognizing that regional trends are moving in a favorable direction.
Proximity to major Raleigh-Durham employers underpins renter demand, particularly among healthcare, life sciences, insurance, and technology workers commuting to nearby corporate campuses.
- MetLife — insurance (15.5 miles)
- AmerisourceBergen — pharmaceutical distribution (16.0 miles)
- Quintiles Transnational Holdings — clinical research (16.2 miles) — HQ
- John Deere Morrisville Training Center — equipment training center (16.4 miles)
- MetLife Auto & Home Craig Conley LUTCF — insurance (17.8 miles)
Built in 2002 and sized at 121 units, the property offers the scale to drive operating efficiencies while remaining a candidate for targeted value-add. The surrounding suburban neighborhood skews high-income with elevated ownership costs, which reinforces multifamily demand and supports rent collections. Within a 3-mile radius, household counts have been rising and are projected to continue growing, implying a larger tenant base and runway for occupancy stability. According to CRE market data from WDSuite, neighborhood NOI per unit trends above national midpoints, suggesting income potential for assets that differentiate on amenities and management.
Key considerations for underwriting include softer reported occupancy at the neighborhood level and limited immediate amenity density; both can be mitigated by on-site offerings and outreach to the wider commuter shed anchored by major insurance, life sciences, and tech employers. The 2002 vintage typically benefits from contemporary layouts, with potential upside from common-area refreshes and selective unit updates to capture rent premiums versus older stock.
- Scale: 121 units support professional management and operating leverage.
- Demand drivers: High household incomes and elevated ownership costs sustain renter reliance on multifamily housing.
- Growth outlook: Expanding 3-mile household base points to a larger tenant pool and supports occupancy stability.
- Value-add path: 2002 vintage allows targeted renovations and amenity activation to capture premiums over older stock.
- Risks: Neighborhood-level occupancy softness and amenity-light surroundings require strong leasing strategy and on-site services.