Tenant-in-common investors have purchased a 288-unit multifamily community in Durham, N.C., for an undisclosed price. The deal closed March 29.
Steven D. Bell & Co. sold the property, Springfield Apartments, which comprises approximately 208,000 square feet on nearly 32 acres and offers a parking ratio of 1.5 spaces per unit. Located just 2 miles south of Duke University, the property was 96 percent occupied at the time of sale.
The property recently underwent a major renovation, including appliance, cabinetry, countertop, lighting and flooring upgrades throughout the 17 apartment buildings, as well as the 24-hour clubhouse and fitness center.