400-Unit Bull City Community Changes Ownership
- Sep 21, 2015
Monument Capital Management has recently announced the acquisition of a 400-unit apartment community in the heart of Durham. The purchase represents the final acquisition in the deployment of capital from the Monument Opportunity Fund. The seller of the property was Ellington Housing Inc. of Maryland.
Located at 901 Chalk Level Road, the community previously known as Northpoint Crossing Apartments was renamed 901 Center Station. The Class C property comprises 340,000 square feet among 27 two-story buildings.
“We look forward to implementing a substantial value-add program, making renovations that will enhance the living environment for residents,” said Stuart Zook, president of Monument Capital Management, in prepared remarks. “We are delighted to add 901 Center Station to the Monument Opportunity Fund portfolio, given the property’s great potential and the opportunity to expand our presence in the Raleigh-Durham area.”
The community features one-, two- and three-bedroom garden style apartments. The list of amenities includes a swimming pool, tennis court, playground, picnic area, pet park and laundry facility. Rent prices start at $599 for a one-bedroom apartment, while prices for a three-bedroom apartment start at $799.
Upgrades worth $2.5 million are planned for the 901 Center Station. The overhaul will include exterior painting and pressure cleaning, parking lot repairs, tennis court resurfacing, roof replacements, and improvements to the laundry center and leasing office. Residence interiors will also be upgraded with new appliances, refinished countertops, faux wood flooring, brushed nickel light and plumbing fixtures, and washer/dryer connections.