New-to-Triangle Multifamily Investor Expands in Durham
- Jun 22, 2015
Seven Oaks Townhomes, a 272-unit apartment community in north Durham, has a new owner.
According to the Triangle Business Journal, 29th Street Capital paid $13.5 million to acquire the property from a subsidiary of VTT Management of Atlanta.
The Seven Oaks townhouse-style complex is located near the Kroger-anchored Riverview shopping center on Roxboro Road. Amenities include a swimming pool, playgrounds, a full basketball court, laundry facility and 24-hour emergency maintenance.
Monthly rents for the two-story townhomes range from $699 for an 820-square-foot one-bedroom unit to $950 for a 1,310-square-foot, three-bedroom floor plan.
The transaction marks the first major property acquisition for 29th Street Capital in North Carolina. The company is also planning to invest about $1 million in a renovation project, which will include a new fitness center, the installation of screen doors, as well as upgrades to the outdoor spaces and pool area. Plans also call for washer/dryer connections and improved floors, cabinets and countertops, according to David Berrien, 29SC’s vice president of acquisitions for the Carolinas.
“This is the first of many acquisitions we plan in the Carolinas,” Berrien told the newspaper. “Seven Oaks is the only townhome-style community – which is popular with families – in the area.”
Since it was founded in 2009, Irvine, California-based 29th Street Capital has acquired more than 30 multifamily communities totaling over 5,000 units. Most of these assets are located in the country’s secondary markets, which have largely been overlooked by institutional investors.
Photo credits: www.sevenoakstownhomes.com