Ginkgo Residential Lands 201-Unit NC Community
House Co. sold Willowdaile Apartments in Durham for $11.8 million. The property is only a few miles from Duke University’s campus.
By Laura Calugar
Ginkgo Residential, through its investment affiliate, acquired Willowdaile Apartments, a 201-unit community in Durham, N.C. According to county records, the asset traded for $11.8 million. House Co. sold the 1985-built property after having purchased it for $6.1 million back in 2007, according to Yardi Matrix data.
The approximately 17-acre property is located at 3835 Guess Road. Willowdaile Apartments is 5 miles from downtown Durham and less than 4 miles from the center of Duke University’s campus. The community features 98 one-, 67 two- and 36 three-bedroom units. Amenities include a clubhouse, a basketball court, a swimming pool and 400 parking spaces. Occupancy for the 25-building, two-story property was 94 percent as of April.
“With the addition of Willowdaile Apartments, Ginkgo now has 473 units in close proximity of Duke University and downtown Durham. Willowdaile is also an excellent fit with Ginkgo’s focus on workforce housing,” said Ginkgo Residential CEO Philip Payne, in a prepared statement.
At the end of last year, Ginkgo Residential also purchased Matthews Lofts, an 81-unit condo development in Charlotte, N.C.
Image courtesy of Yardi Matrix