Lexerd Buys 354-Unit Foxfire Apartments in Durham; Berkshire Group Breaks Record with $76.8M Apt. Purchase from Crescent Communities
- Dec 26, 2014
By Eliza Theiss, Associate Editor
Private Equity Firm Lexerd Capital Management LLC has announced the purchase of Foxfire Apartments, a 354-unit apartment community in Durham, N.C.
The acquisition is Lexerd’s first for its new Lexerd Capital Partners High Yield Fund II. The terms of the transaction were not disclosed. First Communities Management will take over management duties.
Located only four miles from Duke University, the garden-style community comprises 44 two-story apartment buildings, two clubhouses, fitness center, leasing office, two laundry facilities, two storage facilities and two maintenance shops.
“With attractive submarket vacancy rates and same-unit rental growth, as well as over $1 billion in new commercial development just four miles away at Duke University’s Medical Campus, we believe Foxfire is poised to build on its recent capital improvements, market repositioning, recent operational success, and top line revenue growth,” said Albert Lord III, CEO of Lexerd.
The sale comes hot on the heels of the record-setting sale of the 282-unit Crescent Cameron Village. According to the Triangle Business Journal, the luxury Raleigh community broke all apartment sale records in the Triangle area with its $76.8 million sale.
Boston-based Berkshire Group picked up the apartment community, including the ground-floor retail spaces. CBRE’s Charlotte Capital Markets Group advised seller Crescent Communities on the deal.
Located in Raleigh’s historic Crescent Cameron Village, the mixed-use luxury community opened in early November 2014. The community comprises 282 studio, one- and two-bedroom luxury apartments and 17,900 square-feet of street-level retail, occupied by best-in-class retailers such as Brixx Wood Fired Pizza, Flywheel Sports, Faire and Benelux Coffee. Community amenities include a resort-style saltwater pool, outdoor kitchen and grilling area, state-of-the-art fitness center, wine-tasting room and wine cellar with private lockers, demonstration kitchen and rec room with shuffleboard, poker tables and flat-screen TVs.
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Image credit: Crescent Communities