Midtown 501 Apartments, 248 units in Chapel Hill, North Carolina, was acquired in October 2013.

Located in Chapel Hill near Eastgate Shopping Center at the intersection of East Franklin Street and Fordham Boulevard, the property was built in 1974, is situated on approximately 22 acres, and is less than two miles from the University of North Carolina and Downtown Chapel Hill.

The transaction marks only the second sale in the 40 year history of the property. A major renovation of the community is planned during the first year of ownership.