DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price.
Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance.
ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.