Monday, June 17, 2013

MHA Brokers $31.6 Million Sale of Durham, NC Apartment Community

  
1520 Magnolia Apartments, 1101 Exchange Place, Durham, NC

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.

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.”

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.”
  
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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