Starwood REIT Buys Exchange on Erwin Mixed-Use Development in Durham for $111M
DURHAM, N.C. — Starwood Real Estate Income Trust Inc. a non-traded REIT managed by Starwood Capital Group, has purchased the Exchange on Erwin for $111 million from an affiliate of Ram Realty Advisors. Located at 2610 Erwin Road in Durham, adjacent to Duke University, the mixed-use property contains 265 multifamily units and 96,949 square feet of commercial space. The multifamily property was completed in 2018 and the commercial property, consisting primarily of medical office space, was completed in 2007. The medical office space is fully leased to Duke University medical tenants. The Exchange on Erwin multifamily units were 99 percent occupied and the commercial space was 95 percent leased on the date of sale, resulting in overall occupancy of 98 percent. CBRE|Raleigh’s Howard Jenkins and Ben Kilgore, as well as Kevin Kempf and Mike Burkard of CBRE, represented Ram Realty’s affiliate in the deal.