Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.