$42.1M sale of 320-unit apartment community in Durham, North Carolina, announced by HFF
CHARLOTTE, NC – April 2, 2018 – HFF announces the $42.1 million sale of Altera North Pointe, a 320-unit, garden-style apartment community in Durham, North Carolina.
HFF advised the seller, Wood Partners, and procured the buyer, a partnership between Richmond-based McCann Realty Partners and LEM Capital.
Altera North Pointe is situated on 38.5 acres at 2335 Broad Street adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the nearly completed Ellerbe Creek Greenway. In addition, the property is near major employment drivers, including Research Triangle Park, Duke University Health System and Duke University, as well as a variety of lifestyle amenities such as Northgate Mall, the Ninth Street Shopping District and downtown Durham.
Completed in 2001, the newly renovated property comprises a variety of one-, two and three-bedroom floor plans averaging 977 square feet. Each unit features stainless steel appliances, an in-unit washer and dryer, garden tub, faux wood plank flooring, walk-in closets, nine-foot ceilings and a patio or balcony. Community amenities include two swimming pools, tennis courts, volleyball court, playground, grilling area, dog park, 24-hour fitness center, clubhouse, game room with billiards and car care center.
The HFF investment advisory team was led by Allan Lynch, Justin Good and Jeff Glenn.
“Altera North Pointe is an institutionally maintained asset with tremendous upside potential, and investor interest was excellent as Raleigh-Durham’s impressive economic growth continues to attract an influx of investment capital,” Lynch said.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.
About McCann Realty Partners
Headquartered in Richmond, Virginia, with offices in Houston, Texas, McCann Realty Partners is a real estate investment and operating company that specializes in the acquisition, development and operations of multifamily communities in the Southeast, Southwest and Mid- Atlantic regions. Since inception, McCann has acquired 29 apartment communities totaling more than 7,980 homes in transactions valued at approximately $780 million. McCann has also completed or has under development 10 communities totaling 2,991 homes with an estimated completed value of $400 million. For more information, visit mrpapts.com.
About LEM Capital
LEM Capital is a real estate private equity firm with a 15-year track record focused on protecting investors downside and building portfolios to help deliver dependable current cash flow and equity upside through good and bad cycles. Since 2002, LEM has raised almost $1 billion in investor commitments and invested over $6.3 billion in real estate contributing to their expertise in structuring, execution and asset management. This includes acquiring over 15,000 value-add apartment units since 2011.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.