Audubon Enters Raleigh-Durham Market

The Garrett

Audubon Communities has purchased Oak Creek Village, a 501-unit community in Durham, N.C. The company’s equity partner on the transaction was Legacy Capital Partners. The property’s former owner was RCP General, Yardi Matrix data shows.

Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The buy marks Audubon’s first investment in the North Carolina market.

Located at 4230 Garrett Road, the property is situated near Durham-Chapel Hill Boulevard, approximately five miles from downtown Durham. The community also offers easy access to employment hubs in Durham and Chapel Hill, as well as to Research Triangle Park. Constructed in 1972, the 62-building community occupies roughly 41 acres and comprises one-, two- and three-bedroom units, averaging 818 square feet.

Community amenities include:

• fitness center
• clubhouse
• volleyball court
• playground
• swimming pool

The buyer will rebrand the property as The Garrett and plans to invest $4.6 million in capital improvements. Improvements are set to  include a new leasing office, an upgraded 1,500-square-foot fitness center and lounge. Additional upgrades will include new roofs, painted exteriors and improved landscaping.

“We recognize the growth potential in North Carolina as it becomes increasingly attractive to major foreign and domestic corporations,” said Christopher Edwards, managing director at Audubon, in prepared remarks.

Image courtesy of Yardi Matrix