HAZEL GARDENS AT STARLING WAY
An Exclusive Ridgewood Offering
PROPERTY OVERVIEW
Rocky Mount
66 Units
$5,500,000
Built in 1977
THE STORY
Ridgewood Capital Advisors presents Hazel Gardens at Starling Way, a 66 unit portfolio in Rocky Mount, NC. The offering includes 57 units on Starling Way and 9 units located 0.8 miles away on Paul Street, along with an adjoining 1.46-acre B-2 zoned lot on the corner of Starling Way and West Raleigh Boulevard. Following its acquisition, the property was kept offline during a comprehensive renovation program completed between 2019 and 2020. All units are now completely renovated, including full interior upgrades, new wiring (all copper), new piping, all new HVAC units, window replacements, and exterior improvements. At its completion, ownership leased the property up at under market rents in the $650 - $700 range in an effort to focus on high occupancy quickly.
Rent adjustments were implemented in August 2025, resulting in some near term turnover as the property moves toward market aligned pricing of $995 at Hazel Gardens, and $925 at Paul Street. These rent adjustments along with some leasing staff turnover pushed Hazel Gardens to its current 72% occupancy. The portfolio now offers an incoming owner to execute a rent growth and management driven stabilization strategy without renovation downtime or construction risk. Including month-to-month leases and current vacancies, 88% of units can be transitioned to market rate rents by the end of Q1 2026. Ownership is relocating out of state and, due to their preference for hands-on management, is divesting assets that will fall outside their operational footprint.
PROPERTY METRICS
Hazel Gardens at Starling Way
716 Starling Way, Rocky Mount, NC
57 Total Units
56 x Two Bedroom Units | Avg. Rent: $896
1 x One Bedroom Unit | Rent: $750
9 Units achieving $995
1977 Build | 72% Occupied | Market Rate
14 units on Starling Way are not sub-metered; these residents pay a flat $20/mo water fee
All remaining units pay their own electricity and water
W/D hookups in unit + on-site laundry
Current tax assessment in place through 2029
Eligible for NC Tax Abatement based on Average Rents
Includes the 1.46-acre B-2 zoned lot with potential for additional multifamily development
Paul Street Apartments
670 Paul Street, Rocky Mount, NC
9 Total Units
All Two Bed Units | Avg. Rent: $906
5 Units achieving $925
1950 Build | 90% Occupied | Market Rate
Tenants responsible for water and electricity
W/D hookups in unit
Current tax assessment in place through 2029
Eligible for NC Tax Abatement based on Average Rents
CAPEX SUMMARY
The portfolio underwent a $1.5M capital improvement program focused on durable, low-maintenance operations and improved resident quality. Upgrades include building systems, interiors, and finishes, resulting in a modernized, rent ready community.
New roofs (2019)
HVAC systems fully replaced (2019)
All copper plumbing replaced with PVC
New Windows
No aluminum wiring
New subfloor as needed
Custom-built kitchen cabinetry
New stainless steel stoves and refrigerators
New LVP flooring
Resurfaced ceilings
New toilets, vanities, and mirrors
New shower surrounds and bathtubs as needed
New doors & storm doors
New blinds
Fresh paint and floor molding
All fixtures replaced
New exterior camera system installed
return metrics
RCA has arranged both a bank and a bridge financing proposal with Green Harbour Capital. Click the button below to review the quote. Under the bank terms, on a 5 Year Hold and a $5.2M valuation, projected returns are as follows:
AVERAGE CASH ON CASH RETURN
6.63% at $5.2M
internal rate of return
14.91% at $5.2M
EQUITY MULTIPLE
1.88 AT $5.2M
GROSS POTENTIAL RENT ANALYSIS
Hazel Gardens’ 2BR units average $896 in-place rent against a $995 asking rent, while Paul Street’s 2BR units average $906 against a $925 asking rent. Across both properties, most recent leases are signing at full asking levels. At stabilization, Hazel Gardens carries a monthly GPR of $56,470 and Paul Street adds another $8,325. Current average rents also fall below North Carolina 80% AMI limits, qualifying the portfolio for NC’s affordability based tax abatement. There is not an abatement in place now.
INCOME ANALYSIS
T12 operations generate $426,266 of annual income at the current 72% physical occupancy. Ridgewood’s Year 1 pro forma assumes a stabilized 10% physical vacancy factor and 15% loss to lease. Achieving 90% physical occupancy requires leasing 11 additional units. With this lease-up, modest ancillary income growth, and an 85% collection rate on a $20 monthly water reimbursement for only the 14 non-submetered units, Year 1 Total Income is projected at $615,691.
EXPENSE ANALYSIS
Ownership manages Hazel Gardens and Paul Street as part of a larger single-family portfolio in Rocky Mount and recently began shifting to new bookkeeping support. Each property’s T12 does not reflects total expenses at each property and is missing those that may be blended across that broader portfolio. Several line items are understated or missing. Underwriting therefore relies on adjusted expenses that reflect standard multifamily operating categories and provide a clearer basis for evaluating true property performance.
MARKET METRICS & ECONOMICS
716-720 Starling Way, Rocky Mount, NC
670 Paul Street, Rocky Mount, NC
PRIMARY ROCKY MOUNT ECONOMIC DRIVERS
Located 2.2 Miles Away from Hazel Gardens
CSX Carolina Connector: As one of North America’s leading rail-based freight providers, CSX serves energy, industrial, construction, agricultural, and consumer markets through a network of 30+ intermodal terminals, including the new Carolina Connector (CCX), which is strategically positioned to reach more than five million consumers within a 120-mile radius in Rocky Mount.
Located 2.7 Miles Away from Hazel Gardens
Rocky Mount Event Center: Regional Sports/Tourism Engine: The Rocky Mount Event Center, once an ambitious vision, is now a proven economic engine. Since its strong reopening in February 2021, the Event Center has consistently drawn tens of thousands of visitors annually, generating millions in economic impact and revitalizing the local economy. In 2024 alone, the Center welcomed more than 105,000 attendees, contributing an estimated $26.7 million to the local economy. - WRAL NEWS
Located 13.6 Miles from Hazel Gardens
Rocky Mount’s newest development, the Commons at Sunset, is transforming 336 acres at I-95 and U.S. 64 into a hub for business, travel, and growth. With major infrastructure upgrades and strong developer interest, city leaders see the site as a long-term engine for jobs, revenue, and regional visibility. - WRAL NEWS
Located in Wilson County: 16.4 Miles from Hazel Gardens
New Johnson and Johnson Campus: Governor Cooper Announces $2 Billion Wilson County Investment by Johnson & Johnson for a New Manufacturing Campus. When fully operational, the site will employ approximately 420 full-time, highly skilled employees. Construction is anticipated to begin in the first half of 2025.
Located in Wilson County: 20.7 Miles from Hazel Gardens
The Campus at 587. In June Wilson County Board of Commissioners voted to approve an economic development incentive of $8,096,870 over a period of 10 years from the County for the purpose of constructing SCHOTT Pharma manufacturing facility at the Campus at 587 Industrial Park. Schott Pharma is expected to bring between 361 to 401 jobs and between $339.9 million and $371 million in economic development to Wilson.
Located in Pitt County: 36.8 Miles from Hazel Gardens
The proposed industrial megasite in northern Pitt County spans roughly 3,300 acres of a larger 10,000-acre tract. It is expected to bring about $451 million in project investment and unlock nearly $100 million in state preparation funding.
Alex Rossitch
704.942.1566
alex@ridgewoodcapitaladvisors.com
Emma Vaughan
704.575.9609
emma@ridgewoodcapitaladvisors.com
Efficient. Reliable. Strategic. 
