| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 60th | Best |
| Demographics | 67th | Good |
| Amenities | 36th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 153 Crossing Way, Boone, NC, 28607, US |
| Region / Metro | Boone |
| Year of Construction | 2013 |
| Units | 68 |
| Transaction Date | 2015-01-08 |
| Transaction Price | $12,910,000 |
| Buyer | NorthState Capital Partners |
| Seller | Burkely Communities, LLC |
153 Crossing Way, Boone NC — 2013 Multifamily Investment
2013 construction and larger floor plans position this 68-unit asset competitively against older neighborhood stock, according to WDSuite’s CRE market data. The renter-heavy local housing mix supports consistent leasing visibility even as occupancy trends vary by season.
Neighborhood dynamics signal investor appeal for workforce and student-adjacent demand. The area ranks 4th out of 21 Boone metro neighborhoods for overall amenities, which is competitive among Boone neighborhoods, with park access testing above many peers. Basic retail and services are present, though certain convenience categories are thinner than core urban submarkets.
Rents in the neighborhood have trended upward over the past five years, and WDSuite’s CRE market data indicates they are projected to continue rising at a measured pace. Home values sit in a high-cost ownership context relative to local incomes, reinforcing renter reliance on multifamily housing and supporting pricing power and lease retention for well-positioned properties.
Within a 3-mile radius, demographics skew young, with a large share of 18–34-year-olds and steady population growth, pointing to a durable tenant pipeline. Households are projected to increase in the near term while average household size eases, expanding the renter pool and diversifying unit-size demand. Roughly two-thirds of housing units in this radius are renter-occupied, suggesting depth for multifamily leasing and renewals.
The subject’s 2013 vintage is newer than the neighborhood’s average construction year (1988), which can enhance competitiveness versus older inventory. Investors should still underwrite routine modernization over the hold period as systems age and to maintain positioning against newer deliveries.
Occupancy at the neighborhood level is below national norms (neighborhood metric, not property-specific), which may reflect seasonal dynamics and turnover. Well-managed assets with relevant unit mixes and pricing typically mitigate this through pre-leasing discipline and targeted marketing.
Safety benchmarks specific to this neighborhood are not available from WDSuite for the current period. Investors should review official city and county reports, and compare trends across Boone metro neighborhoods to understand how the area aligns with portfolio risk thresholds.
153 Crossing Way offers newer construction (2013) and sizeable floor plans relative to much of the local stock, supporting competitive positioning in a renter-driven market. Within a 3-mile radius, population growth and an outsized 18–34 cohort indicate a larger tenant base ahead, while a high-cost ownership landscape tends to sustain reliance on rentals and bolster renewal prospects. According to CRE market data from WDSuite, neighborhood occupancy trends run softer than national norms, so operations should emphasize leasing cadence and pre-leasing to maintain stability.
Forward-looking fundamentals are supported by projected increases in households and measured rent growth, with the property’s vintage offering a value-add path through selective modernization rather than heavy capital turnover. Affordability appears manageable at the neighborhood level, which can aid retention if rent growth remains disciplined and aligned with local income gains.
- 2013 vintage and large average unit sizes enhance competitiveness versus older neighborhood stock
- Young, expanding renter base within 3 miles supports leasing velocity and renewal depth
- High-cost ownership context underpins sustained demand for rentals and pricing power
- Measured rent growth outlook allows for value-add through targeted unit and common-area updates
- Risk: neighborhood occupancy trends are softer than national norms; requires proactive pre-leasing and revenue management