Magma Equities Acquires Multifamily Community in Durham for $50M

by Alex Tostado

DURHAM, N.C. — Magma Equities has acquired Independence Park Apartments, a 312-unit multifamily community in Durham, for $50 million. The property offers one-, two- and three-bedroom floor plans spanning 13 three-story buildings. The community was built in 2009 and sits on 23 acres at 215 William Penn Plaza, four miles north of downtown Durham. Communal amenities include a pool, fitness center, business center, clubhouse, 24-seat multimedia theater, tennis court, sand volleyball court, basketball court, playground and a dog park. Independence Park was 96 percent occupied at the time of sale. Due to COVID-19, Magma will suspend renovation plans and immediately begin outreach to offer any assistance it can to keep tenants housed. Dennis Harris of The Kirkland Co. represented the undisclosed seller in the transaction. Greystone provided a Freddie Mac acquisition loan to the buyer.

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