DURHAM, N.C. — Federal Capital Partners has sold the mixed-use development, West Village, for $187 million. The Connor Group purchased the development, which is located at 605 W. Main St. in Durham.
West Village consists of 609 apartments and 104,000 square feet of commercial space, which is located less than two miles from Duke University. The apartments are comprised of 453 urban lofts and 156 luxury apartments. The 10 buildings that make up West Village were previously tobacco warehouses, with most of the buildings pre-dating 1920.
The apartments at West Village range from studios to four-bedroom units, and amenities include swimming pools with sundecks, courtyards, a fitness center, business center, on-site Amtrak station, outdoor theater, clubhouse, game room, bike shop and patios with a TV and grills.
Over the past few years, improvements throughout the community were made, including new branding, signage, Wi-Fi hotspots, and the fitness center was expanded to feature a yoga room and juice bar. West Village residents also have access to the Zipcar program. There are currently 45 restaurants within a half-mile radius of West Village, which has a Walk Score of 84, meaning most errands can be accomplished on foot.
The residential portion of West Village is over 93 percent occupied, and the commercial space is at full occupancy. West Village was developed in three phases, with the first starting in the 1990s. The last phase was completed in 2014.
“We compliment our venture partners, Bell Partners, for their exceptional work leasing and managing this one-of-a-kind community as well as Tri Properties for their work making the commercial space such a success,” says Bryan Kane, vice president of Federal Capital Partners. “Our business plan was executed extremely well, and we are proud to see West Village finally completed and contributing fully to Durham’s vibrant downtown.”
Malcolm McComb and Phil Brosseau of CBRE and Rick Shinberg and Jeff Coles at First Capital Realty represented Federal Capital Partners in the transaction.
Federal Capital Partners (FCP) is a privately held real estate investment company based in Chevy Chase, Md., which invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate.
Headquartered in Dayton, Ohio, The Connor Group is a real estate investment firm that owns and operates apartment communities in Atlanta, Austin, Charlotte, Cincinnati, Columbus, Dallas, Dayton, Nashville and Raleigh-Durham.