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July 10, 2013

Investor Buys Multifamily Property from PREI for $165,436 Per Unit

by Adriana Pop, Associate Editor

The Alexan Garrett Farms, a 298-unit rental community located off of U.S. 15-501 in south Durham, has changed owners. According to the Triangle Business Journal, real estate investment firm Bentall Kennedy of Boston acquired the property from Prudential Real Estate Investors of Chicago. The community sold for $49.3 million, or $165,436 per unit.

Open since 2009, the apartment complex is conveniently located near the city’s major employers and universities. The property offers one-, two- and three-bedroom units along with a wide range of amenities, including a resort-style swimming pool with over-sized sun deck, summer kitchen with gas grills, an outdoor lounge with fireside seating, green spaces, children’s park, clubhouse, cardio studio, full-effect movie theatre, laptop stations and WiFi access.

In other multifamily transaction news, the same source reports that a group of investors represented by AEW Capital Management of Los Angeles has acquired the 328-unit Artisan at Brightleaf apartment complex in east Durham. The property sold for $43.8 million, or $133,536 per unit.

Developed by Greystar of Charleston, S.C., the one- and two-bedroom garden-style community opened last fall. Amenities include a pool and deck with Wi-Fi, 24-hour emergency maintenance, sports club, interactive gaming lounge, outdoor courtyards, a private tanning salon, dog park, private detached garages, as well as concierge services.

Photo credits: artisanatbrightleaf.com

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