| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Good |
| Demographics | 15th | Poor |
| Amenities | 14th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 750 Bright Creek Way, Raleigh, NC, 27601, US |
| Region / Metro | Raleigh |
| Year of Construction | 2007 |
| Units | 55 |
| Transaction Date | 2023-04-27 |
| Transaction Price | $688,000 |
| Buyer | CAPITOL AREA DEVELOPMENTS INC |
| Seller | CHAVIS SENIOR HOUSING LLC |
750 Bright Creek Way Raleigh Multifamily Asset
Renter demand is supported by a high neighborhood renter concentration and a high-cost ownership market, according to CRE market data from WDSuite. The asset s 2007 vintage offers competitive positioning versus older nearby stock while leaving room for targeted modernization.
Located in Raleigh s Inner Suburb, the property sits in a neighborhood that is competitive among Raleigh-Cary neighborhoods on housing fundamentals (rank 94 out of 331), but with limited on-the-block amenity density (amenities rank 216 of 331). Nearby cafes, groceries, and parks are sparse within the neighborhood footprint, which puts more emphasis on access to larger retail nodes by car and on-site conveniences for residents.
The 2007 construction is newer than the neighborhood s average vintage (1983). This positioning can help with leasing versus older inventory, while investors should still plan for periodic system updates and common-area refreshes typical for assets of this age.
Neighborhood occupancy is moderate (86.9%) and has improved over the past five years, indicating steady absorption rather than rapid tightening. The share of housing units that are renter-occupied is high at about 62.1% (rank 28 of 331, top quartile in the metro), suggesting a deep tenant base and stable multifamily demand.
Within a 3-mile radius, population has grown in recent years and households increased meaningfully, with projections pointing to further household growth through 2028. This points to a larger tenant base and supports occupancy stability. Median home values in the neighborhood score in the 82nd percentile nationally and the value-to-income ratio is in the 96th percentile, signaling a high-cost ownership market that tends to reinforce reliance on multifamily rentals and can aid pricing power with thoughtful lease management.
Safety metrics for the immediate neighborhood lag the metro and national benchmarks. The neighborhood s crime rank is 232 out of 331 within the Raleigh-Cary metro, placing it below the metro median. Nationally, safety indicators trend in lower percentiles (violent offenses near the lower end and property offenses also below average), so prudent security design, lighting, and tenant screening practices are advisable.
Investors should underwrite with recent trends in mind, including a reported year-over-year uptick in violent offense rates and a modest rise in property offenses. Comparative framing against peer submarkets and active management can help mitigate risks and support resident retention.
Regional employment nodes support commuter demand for workforce and professional renters, with nearby insurance and advanced manufacturing offices offering accessible job centers by car. Notable employers include MetLife insurance offices, Erie Insurance Group, John Deere s training facility, and AmerisourceBergen.
- MetLife Auto & Home Craig Conley LUTCF 4 insurance office (8.9 miles)
- Erie Insurance Group 4 insurance (10.2 miles)
- MetLife 4 insurance (10.5 miles)
- John Deere Morrisville Training Center 4 training & manufacturing (12.1 miles)
- Amerisource Bergen 4 healthcare distribution (12.3 miles)
750 Bright Creek Way combines a 2007 vintage with a renter-heavy neighborhood to provide steady demand fundamentals. Based on CRE market data from WDSuite, neighborhood occupancy has trended upward and the share of renter-occupied housing is high, providing depth to the tenant base. Elevated ownership costs locally further support reliance on rentals, while household growth within a 3-mile radius points to a larger pool of prospective renters over the next several years.
The asset s relative youth versus the neighborhood average can be leveraged for leasing competitiveness, with a pragmatic capital plan for common-area and system updates. Underwriting should account for subpar neighborhood safety metrics and limited immediate amenity density, emphasizing on-site services, curb appeal, and resident experience to support retention and pricing power.
- Newer 2007 construction versus local average, supporting leasing competitiveness with targeted modernization potential.
- High renter-occupied share in the neighborhood signals a deep tenant base and demand stability.
- High-cost ownership environment bolsters rental reliance and can aid pricing power with careful lease management.
- 3-mile household growth expands the renter pool and supports occupancy over time.
- Risks: below-median neighborhood safety and limited walkable amenities require active management and thoughtful CapEx.