TIC investors buy North Carolina housing complex

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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 opinion@inman.com....