DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
Southeast
DURHAM, N.C. — Norfolk, Va.-based Harbor Group has sold two apartment communities to an affiliate of Austin, Texas-based Mission Residential Holdings, totaling $42 million, in Durham. Laurel Trace, a 362-unit complex containing one-, two- and three-bedroom floorplans, was purchased for $26 million. Amenities include two swimming pools, a tennis court and fitness center. The property is located at 600 Snowcrest Trail, and was 91 percent occupied at the time of sale. Triangle Pointe, a 224-unit garden-style apartment community, was sold for $16 million. The complex is comprised of 12 two- and three-story buildings containing one-, two- and three-bedroom apartments. Amenities include a swimming pool, two lighted tennis courts fitness center and volleyball court. The property is located in southeast Durham at 600 Discovery Way, less than one mile north of the Interstate 540 interchange, and was 96 percent occupied at the time of sale. Blake Oakland of Apartment Realty Advisors’ Charlotte, N.C. office was the sole broker in both transactions.
CREEDMOOR, HOLLY SPRINGS AND WAKE FOREST, N.C. — Raleigh, N.C.-based Trademark Properties, an affiliate of Coldwell Banker Commercial, has brokered three transactions, totaling $13 million, in North Carolina. A private investor acquired 501 Preta Court, an 86-unit complex in Creedmoor, from South Granville Development for $4 million. The community is comprised of 23 two-story buildings on more than 16 acres, and was 90 percent occupied at the time of sale. Les Brouillard of Trademark Properties represented the seller, and Becky Martin of Stoney Realty represented the buyer. The buyer plans to convert the property to condominiums. IPG/Stonemont LLC purchased a land parcel for future residential use from a private investor for $3.5 million in Holly Springs, located on Avent Ferry Rd. John Abood of Trademark Properties represented the seller, and Harold Fowler of The Tarheel Company represented the buyer. LRC Siena Investors acquired Siena Crossings, a 30-acre parcel of land in Wake Forest from Siena Crossing LLC for $5.4 million. The properties zoning allows for office, institutional, retail and residential development on one 16-acre parcel, with the additional 14 acres zoned for retail use only. LRC Siena will build a speculative office building on 8 acres, while exploring additional development …
CLAY COUNTY, FLA. — Jacksonville, Fla.-based Capitol Development International, sister-company to Business Condos USA, will develop Mayfield Commerce Center, a 14-acre business center at the intersection of Blanding Blvd. and Old Jennings Rd. in Clay County. The project will include one- and two-acre parcels available for office, industrial, business, hotel and retail merchants. Construction is slated to begin this spring and complete in September.
Goose Creek, S.C. — The Charleston-based Medical Society of South Carolina has acquired 66 acres of land in Goose Creek for a medical office building and future medical services from Charleston-based Carnes Crossroads Associates, for $9 million. The property is located at Highway 17-A and 176. Chris Fraser of Charleston-based Grubb & Ellis | Barkley Fraser represented the buyer, and Eric Meyer of Meyer Kapp and Associates represented the seller.
MORRISVILLE AND RALEIGH, N.C. — Jim Allaire of Raleigh-based Colliers Pinkard has brokered three land acquisitions for future hotel and multifamily developments, totaling more than $9 million, in Morrisville and Raleigh. Indianapolis-based Lodgeworks acquired 6 acres at Perimeter Park in Morrisville from Duke Realty for $1.9 million. Lodgeworks will develop a 140-suite Hotel Sierra on the property. Allaire represented the buyer, and Duke Realty was represented by Barry Bowling of CB Richard Ellis’s Raleigh office. Raleigh-based Steven Enterprises has sold two properties in Raleigh to Grand Prairie, Texas-based Fairfield Residential and Atlanta-based HJH Associates. Fairfield purchased 25 acres at Corporate Center Drive in West Raleigh for $5.7 million. The site will be developed as a Class A apartment community. HJH Associates acquired 4 acres in Raleigh Corporate Center for $1.5 million, where it will develop a Hyatt Place hotel. Allaire was the sole broker in both transactions.
CONORD, N.C. — MV Residential, a division of Miller-Valentine Group’s Columbia office, has broken ground on the Reserve at Stone Hollow, a 194-unit garden-style apartment community, in Concord. The community will feature one-, two- and three-bedroom plans, ranging from 829 to 1,200 square feet. Amenities include a fitness center, swimming pool and community center. The property is in close proximity to Interstate 85 and Concord Mills shopping mall.
COLUMBIA, S.C. — Salt Lake City, Utah-based Cottonwood Realty has acquired Arbors at Windsor Lake, a 228-unit apartment complex in Columbia, from New York-based Sterling American Property for an undisclosed price. Stephen Griffin of Cushman & Wakefield’s Atlanta office represented the seller. The property is located at 8720 Windsor Lake Blvd.
FORT PIERCE, FLA. — Atlanta-based IDI has acquired 129 acres of land in Fort Pierce from St. Andrews Episcopal Church for $17 million. IDI will develop the site into Crossroads Business Center, a 1.3 million-square-foot Class A warehouse and distribution space located in Crossroads Park of Commerce near Interstate 95 and the Florida Turnpike. The property will feature buildings ranging from 140,000 to 400,000 square feet. Construction on the first building will begin this summer. Ron Kent of Coldwell Banker Commercial NRT’s Boca Raton, Fla. office was the sole broker.
JACKSONVILLE, FLA. — Jacksonville-based Newcom Development broke ground on the Greenland Commerce Center, a 215,000-square-foot mixed-use center in Jacksonville’s Mandarin district, located on Greenland Chase Blvd. The LEED-certified project will be comprised of seven buildings featuring retail, office, industrial and flex space. Wakefield Beasley’s Jacksonville office designed the project.