Cushman & Wakefield Arranges $33M Durham Sale
- Nov 02, 2020
Cushman & Wakefield has brokered the $32.5 million disposition of Marquis Gardens, a 400-unit multifamily asset in Durham, N.C. Vice Chair Watson Bryant, Senior Director Paul Marley and Senior Associate Hunter Bowling negotiated on behalf of the seller, JEM Holdings. Concordia Properties acquired the community, assuming a $22.2 million Fannie Mae loan dating back to 2017, according to Yardi Matrix.
Marquis Gardens is located at 901 Chalk Level Road, on the northern outskirts of the city. The property is 5 miles north of downtown Durham, within 2 miles of Duke Regional Hospital. North Duke Crossing, a Dollar Tree-anchored shopping center, is also nearby.
Built in 1972, the community includes one-, two- and three-bedroom units. On-site common area amenities include grill and picnic areas, two playgrounds, a swimming pool, tennis courts and laundry facilities.
In late October, Marley was part of the team representing JEM Holdings in its sale of three other North Carolina properties. FriedLam Partners acquired the communities as part of a larger, $85.2 million buy of six assets in the Southeast.