Fairfield Residential Buys NC Community for $27M
- Apr 23, 2019
The NRP Group has sold Magnolia Pointe Apartments, a 266-unit, partially affordable community in Durham, N.C., to Fairfield Residential for $26.5 million, according to Yardi Matrix. Capital One provided acquisition financing to the tune of $21.8 million through Fannie Mae.
Located at 4801 Danube Lane in the Mill Grove submarket, the garden-style community’s 13 buildings are situated within 5 miles of downtown Durham, near the Duke Street retail corridor. Next door to Magnolia Pointe, Pedcor Cos. is developing a 200-unit fully affordable community, expected to deliver before the end of the second quarter.
Magnolia Pointe contains a mix of one-, two- and three-bedroom apartments, with floorplans between 823 and 1,250 square feet. Per Yardi Matrix data, 156 of the units are affordable. Property amenities include a swimming pool, a 24-hour fitness center, private garages, a playground, a playground and a business center.
Fairfield acquired some 2,000 units over the past 12 months, according to data by Yardi Matrix. Early last year, the firm paid nearly $140 million for a 628-unit Class B asset in Corona, Calif., the second-largest multifamily deal of the year in the Inland Empire.