Admiral Capital, McCann Realty Nab NC Property
The joint venture partners acquired Springfield Apartments, a 288-unit community in Durham.
by Laura Calugar
Durham, N.C.—Admiral Capital Group and McCann Realty Partners recently announced the purchase of Springfield Apartments, a 288-unit garden-style community in Durham, N.C. The property represents the second acquisition by the joint venture. In March 2016, the two partners acquired Howell Bridge Apartments in Atlanta.
Located at 4600 University Drive and adjacent to the 15-501 corridor, the 1986 vintage property is near the artery that links downtown Durham to Chapel Hill, two of the most dynamic areas within the Research Triangle. Springfield Apartments is within a two-mile radius of more than 1.7 million square feet of office space and within walking distance of the newly expanded, 48-acre headquarters of Blue Cross Blue Shield.
According to Yardi Matrix data, the property has one- and two-bedroom units. The 18 buildings are two or three stories high. Residents benefit from a fitness center, swimming pool, tennis court and 864 parking spaces. The joint venture plans to invest significant capital to upgrade the unit interiors and provide a new appearance through an improved exterior. The occupancy rate in October 2016 was more than 95 percent.
“Having tracked the Triangle for a few years, Springfield Apartments represents an ideal opportunity for Admiral’s first investment in the region. This acquisition is consistent with our strategy of sourcing well-located assets with strong potential for value creation,” said Admiral Co-Founder Dan Bassichis.
“Southwest Durham continues to have strong rental growth due to job creation and relatively affordable rents. The property’s proximity to leading retail amenities such as Fresh Market and top employers displays the strength of the immediate area,” added Thomas Upson, McCann’s vice president of acquisitions.
Admiral Capital Group was founded by David Robinson, philanthropist and NBA Hall of Famer, and Daniel Bassichis, formerly of Goldman Sachs. McCann Realty Partners is a real estate investment and operating company that specializes in the acquisition, development and operations of multifamily communities in the Southeast, Southwest and Mid-Atlantic regions.
Images courtesy of Springfield Apartments