DURHAM, NC-Two rental properties here totaling 626 units have been sold to a Boston-based investment firm and an investor group led by AEW Capital Management of Los Angeles.
The 298-unit Alexan Garrett Farms development in south Durham, sold for $49.3 million, or $165,436 per unit to Bentall Kennedy of Boston, according to the Triad Business Journal. Prudential Real Estate Investors of Chicago was the seller.
The 328-unit Artisan at Brightleaf apartments in east Durham sold for $43.8 million, or $133,536 per unit to the AEW group. The Artisan at Brightleaf was originally developed by Greystar of Charleston, SC and opened last year. See story in the Triad Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
