DURHAM, N.C. — TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), has completed the sale of Southpoint Glen, a multifamily property located at 5800 Tattersall Drive in Durham. Washington, D.C.-based StoneBridge Investments acquired the property for $42.7 million.
Located within minutes of Research Triangle Park (RTP), the garden-style apartment community features 346 units, a swimming pool and a fitness center. The buyer plans to renovate portions of the property, including adding upgraded cabinets, faux granite countertops, tile backsplashes, two-inch blinds and plank flooring with soundproofing to individual apartments. StoneBridge also plans to expand the swimming pool and fitness center, add an outdoor fitness area and repurpose the existing sand volleyball court.
Elliott Throne and Roger Edwards of HFF secured a seven-year fixed-rate acquisition loan through Freddie Mac’s CME Program for Stonebridge.