Triangle Park Apartments

Summary:

Strategy: Value Add

Acquisition Date: 3/12/2018

Status: Realized

Purchase Price: $11,500,000

Disposition Price: $19,200,000

Transaction Overview:

We acquired the property in an off-market transaction. Triangle Park Apartments is a well-maintained 120-unit multi-family apartment community located in Durham, North Carolina. The Property was built in 1986, and has a diverse offering of 1, 2 and 3 bedroom units.

Strategy-Value-Add:

Willow Creek acquired the property in an off-market transaction at a purchase price of $11,500,000. The property’s rents lagged newer vintage properties by an average of approximately $400/month. Our business plan for the property is to enhance curb appeal, selectively upgrade interiors, and upgrade the amenities offered at the property to better compete with newer properties and capture a portion of the rent differential.

Status:

Successful disposition in July of 2021.