Mission Residential Acquires 356-Unit Apartment Community
- Jan 25, 2008
By Anuradha Kher, Online News EditorDurham, N.C.–Mission Residential LLC, a private multifamily real estate investment firm has acquired a 356-unit property at 4720 Dansey Drive in Durham, N.C. When contacted by MHN, Mission Residential declined to reveal the price of the property due to a confidentiality agreement.Mission acquired the 44-building property known as The Tapers from UBS Realty Investors, LLC, and it will now be called Mission Capital Crossing. Built in 1983, Mission Capital Crossing includes a variety of one, two, and three-bedroom units and 24 town-homes. Rents for the one-, two- and three-bedroom apartments range from $640 to $770 per month, and from $815 to $940 for town homes.“The acquisition of Mission Capital Crossing further expands our operating platform in Raleigh,” says Managing Principal David Wieland. “When you combine a location just south of Triangle Town Center, a purchase price well below replacement cost and a plan to update the look, the result is a property perfectly suited to serve our middle market customer.”It features a clubhouse, two swimming pools, two tennis courts, and a sport court and fitness center, to cite a few amenities.Mission Residential also owns and operates Mission Millbrook in the Raleigh-Durham area.