(To read more on the multifamily market, click here.)

DURHAM, NC-Santa Ana, CA-based Triple Net Properties LLC has acquired the 288-unit Springfield Apartments complex at 4600 University Dr. on behalf of tenant-in-common investors. The 17-building, 208,000-sf property is located on 32 acres two miles south of Duke University and two miles east of Interstate 40.

The property was acquired from Steven D. Bell & Co., which represented itself in the transaction. Financing was provided by Wachovia Bank, N.A., arranged by David Pike. The acquisition price was not released.

The complex, which caters to graduate students and young professionals, contains one-bedroom, one-bathroom units that range in size from 500 sf to 800 sf and rent for $530 to $675, and two-bedroom, two-bathroom units that range in size from 904 sf to 1,010 sf and rent for $699 to $850. The complex is 96% occupied and has a parking ratio of 1.5 spaces per unit.

The complex has recently undergone major renovations, including appliance, cabinetry, countertop, lighting and flooring upgrades in 126 of the units. In addition, the 24-hour clubhouse and fitness center were upgraded.

"The previous owner spent nearly $1.7 million in capital improvements," Triple Net Properties LLC senior vice president, acquisitions, apartment properties Gus Remppies tells GlobeSt.com. "We think we can reap the benefits of some of that capital money spent."

Remppies adds that the property is in an area that has seen improvements in the retail sector, with the addition of some big box retailers and the renovation of existing space. "This area has gotten dramatically better," he says.

Triple Net plans to upgrade units that have been previously been upgraded and make some other capital improvements. "Most of the big ticket capital improvements have already been done," he says.

Instant Insights /

17-Building, 288-Unit Complex Switches Portfolios

Related Stories

Recommended For You