FCP Sells North Carolina Apartments for $56M

Haven at Patterson Place. Image courtesy of Federal Capital Partners

Federal Capital Partners has sold Haven at Patterson Place in Durham, N.C., to StoneBridge Investments for $56.2 million. The 14-building property was originally constructed as student housing.

The 242-unit community, located at 5110 Old Chapel Hill Road, offers one-, two- and three-bedroom apartments, averaging 1,093 square feet. Unit amenities include semi-private entries, private balconies/patios, plank wood flooring, stainless steel appliances, washer/dryers and microwave ovens. Monitored security and outside storage are also available.

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Resident amenities include a fitness center, a clubhouse, a volleyball court, a basketball court, a swimming pool, a dog park, a car care center, outdoor grilling areas, an outdoor resident lounge and a resident gaming area.

FCP acquired Haven at Patterson Place from Blue Vista Capital Group in November 2015 for $24.6 million, according to Yardi Matrix. The property was constructed in 2002 on 19.8 acres of land as dedicated student housing attracting students from universities in the surrounding area, such as University of North Carolina at Durham and Duke University School of Nursing. Following the purchase, FCP completed a unit interior renovation program and several improvements to property amenities, including a clubhouse makeover.

StoneBridge plans to invest substantial capital in Haven at Patterson Place’s common areas and units to continue its transition from student-focused apartments to a “market-leading community within its competitive set,” according to the company’s website.

Haven at Patterson Place is near I-40 and NC 15-501, providing residents with access to nearby retail and restaurant amenities, downtown Durham and Raleigh, area universities and the Research Triangle Park. RPT is a 7,000-acre research park that houses hundreds of companies, including science and technology firms, government agencies, academic institutions, startups and nonprofits.

Howard Jenkins and Katie Kuhlhorst with CBRE Carolinas Multi-Family Group represented FCP in the transaction.

Durham Multifamily Details

There are 85 multifamily properties with 21,815 units within 5 miles of East Main and South Roxboro streets in Durham, according to Yardi Matrix. Developers have six properties with 1,428 units under construction and have planned 17 more with 4,327 units. Another 38 properties are in the works that could add 8,215 units to the market.

The area has seen 47 properties with 12,201 units trade hands in the past five years, recording an average sale price of $150,318 per unit.