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Feb. 28, 2013

Centennial Acquires Multi-Family Complex from JP Morgan Affiliate for $39M

by Adriana Pop, Associate Editor

Atlanta-based Centennial Holding Company LLC recently purchased the 270-unit Addington Farms apartment community in Durham, which it renamed Century Trinity Estates. The Triangle Business Journal reports that an affiliate of J.P. Morgan Investment Management Inc. of New York sold the property for $38.6 million.

Located at 240 Ivy Meadow Lane, just minutes away from Duke University and UNC Chapel Hill, the 33-acre pet-friendly community offers luxurious one-, two- and three-bedroom garden-style apartments, as well as townhomes and cottages. Amenities include a resort-style swimming pool with complimentary poolside Wi-Fi, a fitness center, media center, as well as a lighted tennis court and a picnic and grilling area.

The property’s new owners plan to upgrade the homes with granite counter-tops, wood flooring and improved appliances. First Communities Management of Atlanta will manage the complex.

Centennial Holding’s similar properties in the Triangle region include the 280-unit Century Creek apartments in south Durham, the 266-unit Century Carrington Park apartments in Morrisville and the 170-unit Century Centerview apartments in Raleigh. The company was co-founded by Augusta National Golf Chairman Billy Payne.

In other news, the six-story Genworth Financial office building on Six Forks Road in north Raleigh is for sale. According to the Triangle Business Journal, CBRE-Raleigh is currently marketing the five-acre property. The 129,347-square-foot structure is fully occupied by Genworth Mortgage Insurance Corp., a subsidiary of Genworth Financial, Inc. of Richmond, Va. The lease extends through December of 2019.

The facility was developed in 2009 by Dominion Realty Partners and its partners, Helvetica Flagship of Charlotte and Newcastle Properties, as a build-to-suit for Genworth. In 2010, it became the first building in Wake County to receive LEED Gold certification from the U.S. Green Building Council and the Green Building Certification Institute, for both core and shell. MSTDS Architects of Atlanta and Piedmont Land Design of Raleigh were the project’s designers.

Photo credits: http://century-apartments.com/century-trinity-estates