Former Durham Hotel to Become 342-Unit Community
Alliance Residential purchased Crown Park Hotel, the company’s first asset in the Triangle. Karl Hudson with Foundry Commercial represented the buyer in this $10.5 million transaction.
By Laura Calugar
Alliance Residential Co. has acquired the former Crown Park Hotel in Durham, N.C., and will be transforming the vacant building into a 342-unit luxury community. Construction on Broadstone Durham is slated to start next year, after the old building will be demolished. Foundry Commercial Vice President Karl Hudson represented Alliance in this deal. According to the Triangle Business Journal, RAAJ Durham Owner LLC sold the property for $10.5 million.
Located at 600 Willard St., the new multifamily asset will be within walking distance of American Tobacco, the Durham Bulls Athletic Park, Main Street and the Brightleaf District. The project will feature studios, one- and two-bedroom units. The design team took local inspiration from the nearby Durham Performing Arts Center, creating a three-story glass entry for the community.
“Durham has a tremendous amount going for it as an innovation hotbed and a university town, with a thriving restaurant and nightlife scene,” Alliance Residential Co. Southeast Managing Director Todd Oglesby said in a prepared statement.
Image courtesy of Alliance Residential Co.
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