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.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription