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.
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 …
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.
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.
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. …
CHARLOTTE, N.C. — Embrey has acquired seven acres around the historic North Davidson district in Charlotte to develop a new community called North Tryon. Amenities at North Tryon will include a clubhouse with a game room, business center with micro-offices and a conference room, fitness center and a pool. The development’s first residential units and clubhouse are expected to be available in the third quarter of 2025, with project completion scheduled in 2026.
DURHAM, N.C. — Marcus & Millichap has arranged the $84.8 million sale of Kelby Farms, a 277-unit community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller was a partnership that includes Raleigh-based Woodfield Development. Kelby Farms was built in 2022. The community is currently under construction and is slated for completion next month. The asset was more than 70 percent occupied at the time of sale. Kelby Farms offers studio, …
— By Ryan Hanks, CEO, Madison Capital — The combination of the flight from urban markets to the suburbs in the work-from-home era, the lack of accessible housing inventory and the rising cost of renting has led to a housing and affordability crisis for middle-class Americans nationally. Faced with its own challenges, including rising labor costs and an increasingly uncertain economic outlook, the multifamily industry has largely struggled to crack the code to arrive at a solution. The good news is that forward-thinking developers are deploying and refining strategies and …
CARY, N.C. — The Bainbridge Cos. has opened Bainbridge Cary in the Raleigh, North Carolina suburb of Cary. Bainbridge Cary offers one, two and three-bedroom apartments ranging from 692 to 1583 square feet in size. Units feature a full-sized washer and dryer, stainless steel appliances, quartz countertops, smart thermostats and a private patio or balcony. Amenities include a fitness center, dog park, pet spa, pool with cabanas, walking trail, game lawn, clubhouse, EV chargers and co-working spaces.
CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …