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501 Estates in Durham, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Cushman & Wakefield Brokers $70 Million Sale of 501 Estates in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — Cushman & Wakefield has arranged the $70 million sale of 501 Estates, a 270-unit community in Durham. Jefferson Apartment Group and Stars REI purchased the property from Spyglass Capital Partners LLC. Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller in the transaction. 501 Estates was built in 2001 near Durham-Chapel Hill Boulevard. The community offers a mix of garden units, townhomes and cottages. Amenities include a 3,000-square-foot fitness center, pool, dog park, detached garages and billiards room. 

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Timber Creek in Charlotte, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

S2 Capital Acquires 352-Unit Timber Creek in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — S2 Capital has acquired Timber Creek, a 352-unit property in the Collingwood neighborhood of Charlotte. Financial terms of the transaction were not disclosed. Located at 1100 Falls Creek Lane, Timber Creek offers studio, one- and two-bedroom apartments. Amenities include a pool, grilling station, clubhouse, fitness center, dog park and nature trail. S2 Capital plans to make exterior renovations to buildings and outdoor amenities, as well as upgrade unit interiors. The asset will be rebranded as “The Marley.”

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Investment SalesNewsNorth CarolinaSoutheast

Northmarq Brokers $107 Million Sale of Alta Filament Apartments in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — Northmarq has negotiated the sale of Alta Filament, a 352-unit community located at 525 E. 21st St. in Charlotte. Wood Partners sold the asset to Mid-America Apartment Communities for $107 million. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Alta Filament offers amenities such as a clubhouse, conference room, fitness club, grilling areas, a pool, sundeck trellis, pet spa and package delivery service. The property also includes two courtyards, a podcast/content creator studio and …

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FinanceNewsNorth CarolinaSoutheast

NewPoint Provides $58 Million to Refinance Community in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — NewPoint Real Estate Capital has arranged a $58 million Freddie Mac conventional multifamily loan to refinance a community in North Carolina’s Research Triangle area. NewPoint’s Mike Ortlip originated the loan, which features a five-year, fixed-rate term with full interest-only payments. Situated just outside of Durham, the asset was developed in two phases and offers one-, two-, and three-bedroom units. Amenities include a pool, a fitness center, game room, business center, playground, pet park, grilling areas and a multi-sports court.

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DevelopmentLeasing & MarketingNewsNorth CarolinaSoutheast

Woodfield Development Opens The Cordelia in Wilmington, North Carolina

by Channing Hamilton

WILMINGTON, N.C. — Woodfield Development has opened The Cordelia, a 426-unit community on the coast of Wilmington, for leasing. The property offers units in studio, one-, two- and three-bedroom layouts. Amenities include a pool with cabanas, indoor and outdoor fitness center, dog park and dog spa, co-working space, game room, pickleball courts, a community walking trail, resident lounge, gas grills and outdoor dining spaces. Shelton Taylor was the interior designer for the project. According to Woodfield Development, The Cordelia was named after a mythical daughter of the sea to pay …

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DevelopmentNewsNorth CarolinaSoutheast

Camden Property Trust Opens 420-Unit Camden Durham in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — Camden Property Trust has opened Camden Durham, a 420-unit community located at 441 Dillard St. in downtown Durham. The complex offers one-, two- and three-bedroom apartments, as well as 14 one- and two-bedroom townhome-style units. Amenities include a pool, 24-hour athletic club, resident lounge and community workspace, barbecue grills and a lawn for gatherings. The property also features 5,945 square feet of ground-floor retail space, which is currently available for lease.

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An unnamed build-to-rent community in Wendell, North Carolina
Build-to-RentInvestment SalesNewsNorth CarolinaSoutheast

Barings, Foulger Pratt Purchase Build-to-Rent Community Underway Near Raleigh for $50 Million

by Channing Hamilton

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent community currently under construction in the Raleigh suburb of Wendell. The undisclosed seller and developer sold the unnamed project for $50 million. This acquisition brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first …

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DevelopmentNewsNorth CarolinaSoutheast

AvalonBay to Develop 930-Unit Community in Durham, North Carolina

by Channing Hamilton

DURHAM, N.C. — AvalonBay Communities has purchased 6.8 acres at 4802 Durham-Chapel Hill Blvd. in Durham to develop a 930-unit community. The first phase of development will comprise 459 units across three buildings. Units will come in studio, one-, two- and three-bedroom layouts. Amenities at the property will include a pool, grilling areas, an indoor-outdoor fitness center and several courtyards. Construction is scheduled to begin in 2024, with the opening expected for 2026. CBRE represented the seller, Beacon Properties Group, in the transaction.

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Investment SalesNewsNorth CarolinaSoutheast

Capstone Cos. Brokers $13.5 Million Sale of Cottage Gardens in Greensboro, North Carolina

by Channing Hamilton

GREENSBORO, N.C. — Capstone Cos. has arranged the $13.5 million sale of Cottage Gardens, a 176-unit community located in Greensboro. The community was built in 1960. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer. 

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Abernathy Lofts in Charlotte, N.C.
DevelopmentInvestment SalesNewsNorth CarolinaSoutheast

Land Advisors Organization Brokers $11.2 Million Sale of Development Site in Charlotte, N.C.

by Channing Hamilton

CHARLOTTE, N.C — Land Advisors Organization has brokered the sale of an approximately 4.5-acre site in the historic North Davidson district of Charlotte. NRP Properties LLC acquired the parcel from Triple Crown LLC for $11.2 million. Hayes Faulkenberry and Forde Britt of Land Advisors Organization represented the seller in the transaction. NRP Properties, in partnership with Canyon Partners Real Estate, will develop a 392-unit complex called Abernathy Lofts on the site. Amenities will include a pool, community outdoor area with grilling stations, co-working spaces, a fitness center and dog park. …

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