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1520 Magnolia Apartments, 1101 Exchange Place, Durham, NC
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CHARLOTTE, NC (June 17, 2013) — Multi Housing Advisors (MHA)
has just brokered the sale of the 280-unit 1520 Magnolia, an apartment
complex located at 1101 Exchange Place in Durham, N.C. The Class-A property
sold for $31.6 million.
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| Marc Robinson |
Marc Robinson
and Jordan McCarley of Multi Housing Advisors’ Charlotte office
represented the seller, Columbia, S.C.-based Estates, Inc. The buyer, which was
not represented by a broker, was Nashville, Tenn.-based Carter Haston.
1520 Magnolia was
constructed in 2001. Amenities include a 24-hour fitness center, on-site
laundry facilities, a pool with a sundeck, a two-mile jogging trail and
concierge services. The units include double crown molding, 9-foot ceilings,
garden-style tubs, and built-in bookshelves and desks.
“This sale
demonstrates the continued strength of the multifamily market in top-tier
cities like Durham,” said Robinson, a co-founder and co-managing partner of MHA
who is based in Charlotte. “We anticipate sales to remain strong throughout the
remainder of the year.”
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| Jordan McCarley |
“Fueled by an
improving job market and a thriving technology sector, Durham and the nearby
cities will continue to experience healthy apartment demand,” said McCarley,
senior director of MHA’s Charlotte office.
“In turn, private capital will continue to be attracted to multifamily properties in this area, and this transaction is yet another example of our ability to find the right private buyer for our clients’ properties.”
“In turn, private capital will continue to be attracted to multifamily properties in this area, and this transaction is yet another example of our ability to find the right private buyer for our clients’ properties.”
For a complete copy of the company’s news release, please
contact:
Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)
.
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