Brookline Investment Group Acquires 236-Unit Multi-Family Community in Durham for $23.6M; Investcorp Pays $84M for RTP’s Meridian Business Campus
- Aug 20, 2014
by Adriana Pop, Associate Editor
Brookline Investment Group of Aliso Viejo, Calif. is now the new owner of the just-renovated Yorktown Club apartment community in Durham.
According to the Triangle Business Journal, Starwood Capital Group of Greenwich, Conn. sold the 236-unit property for $23.6 million, or $100,000 per unit.
Located at 2029 Bedford St., Yorktown Club offers two-story, townhouse-style units, with rents ranging from $745 per month for a 1,200-square-foot two-bedroom apartment to $2,550 for a 2,200-square-foot, three-bedroom apartment.
Starwood Capital has recently completed the property’s interior and exterior renovation, including a new HVAC system.
The transaction marks Brookline’s first acquisition in the Triangle. Last June, the company purchased the 220-unit Arbor Village in Charlotte, its first apartment community in the Carolinas.
“We are excited about the growth in the Carolinas,” Will Milligan, a director at Brookline, told the newspaper.
With its latest acquisition, Brookline now owns eight multi-family properties in five states, including Georgia, Texas, Utah and Oregon.
In other real estate transaction news, the Triangle Business Journal reports that New York private equity firm Investcorp paid $84 million for the acquisition of the Meridian Business Campus in Durham.
American Real Estate Partners of Herndon, Va. was the seller of the property, which includes nine office buildings and 18 acres of undeveloped land.
Ben Kilgore and Brad Corsmeier of the CBRE-Raleigh commercial real estate firm represented the company in the marketing and sale of the 613,000-square-foot complex.
According to TBJ’s quarterly Space survey, the business park was 90 percent leased in the second quarter. Chimerix, Parexel International and Health Decisions Inc. are among the property’s tenants.
Another major Triangle deal between the two companies occurred in 2012, when Investcorp acquired three office buildings in Durham’s Keystone Park. American Real Estate Partners sold the properties for $48 million.
Photo credits: Brookline Investment Group