CASE STUDY

Triangle Park

Summary:

Willow Creek Partners acquired Triangle Park Apartments, a 120-unit multifamily community in Durham, North Carolina, through an off-market transaction on March 12, 2018, for $11.5 million. Built in 1986, the property offered a mix of one-, two-, and three-bedroom units but was underperforming, with rents approximately $400 per month lower than newer properties in the area. To address this, WCP implemented a value-add strategy focusing on enhancing curb appeal, selectively upgrading unit interiors, and improving community amenities to better compete with newer developments and capture higher rental rates. These strategic improvements led to increased occupancy and rental income, culminating in the property's successful sale in July 2021 for $19.2 million, demonstrating WCP's expertise in revitalizing underperforming assets to achieve substantial returns.


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Location:

Durham, North Carolina