Triple Net Properties represented tenant-in-common investors in the acquisition of Landing Apartments, a 200-unit complex in Durham, N.C.
The value of the transaction was not disclosed.
Landing Apartments comprises 192,200 square feet and features 12 two- and three-story buildings, a clubhouse, fitness center, laundry facility, three playgrounds, two tennis courts and a pool.
The property, built in 1986, provides 1- and 2-bedroom apartments ranging from 750 square feet to 1,100 square feet.
Colonial Realty Limited Partnership sold the property, which was approximately 93 percent occupied at the time of sale.
What’s your opinion? Send your Letter to the Editor to email@example.com.