An Atlanta-based real estate company has made its first foray into North Carolina with the $38.2 million acquisition of an old Durham apartment complex.
Audubon Communities has purchased the Oak Creek Village community off Durham-Chapel Hill Boulevard and is already rebranding the 40-acre property, calling it The Garrett. The development is located on Garrett Road, just off the highway.
The apartments date to between 1968 and 1972. At 500 units, the sales price of the complex breaks down to $76,400 per unit, which is on par with other recent sales of aging apartments in the Triangle.
Audubon Communities said it is planning $4.6 million in capital improvements. The existing leasing office will be torn down and replaced by a new facility with a fitness center and residential lounge. Other changes include new shingles, painting and landscaping improvements.
“We recognize the growth potential in North Carolina as it becomes increasingly attractive to major foreign and domestic corporations,” Audubon Managing Director Christopher Edwards stated. “Audubon is ready to bring our extensive multifamily experience to fill housing needs in this growing community.”
Legacy Capital Partners, of Cleveland, was Audubon’s equity partner on the deal. Audubon operates throughout the Southeast and has acquired, managed and renovated more than 30,000 apartment units.