Oak Residential Partners Acquires Multi-Family Property for $33M; Liberty Property Trust Plans Speculative Industrial Park in Durham
- Jul 16, 2014
by Adriana Pop, Associate Editor
Oak Residential Partners LLC of Deerfield, Ill. is the new owner of the Evergreens at Mount Moriah, a 268-unit garden-style apartment community in Durham.
According to the Triangle Business Journal, Evergreens at Mount Moriah LLC, an entity owned by Richard Siegel of New York-based Richmark Corp., sold the property for $33 million. The company has also developed the community, which opened in 2001.
The transaction was brokered by Brookfield Financial and John Daly, a real estate adviser with Trademark Properties in Raleigh.
Located on Mt. Moriah Road, the pet-friendly community offers one, two and three bedroom apartments, with rents ranging from $785 for a one-bedroom to around $1,145 for a three-bedroom unit. Amenities include a swimming pool, fitness center, business center, car care center, playground, two dog parks, as well as tennis and volleyball courts.
In other news, the NewsObserver reports that Liberty Property Trust, the largest owner of multi-tenant warehouse space in the Carolinas, is planning the construction of a speculative multi-tenant industrial park in Durham.
Called Liberty Ridge, the 462,000-square-foot project is slated to rise on a 35-acre site off T.W. Alexander Drive. The Pennsylvania-based company has acquired the land from Summit Church for $4 million.
Bryan Blythe with Liberty Property Trust will work with CBRE’s industrial team of Butch Miller, Ann-Stewart Patterson and Daniel Jackson on marketing and leasing Liberty Ridge.
The timing for the project is right, since the market for Class A warehouse and distribution space is tight in the area. Karnes Research data shows that the vacancy rate for such properties in Durham was under 3 percent in the first quarter.
Massie Flippin, vice president and city manager for Liberty’s Carolinas region, says the new project will complement the company’s recent acquisition of Imperial Center, which includes five completely occupied industrial buildings totaling 705,365 square feet.
Liberty also owns the five industrial buildings at Keystone Business Park totaling 664,000 square feet. Upon Liberty Ridge’s completion, the company’s footprint in the Triangle will total approximately 1,831,365 square feet of space.
Photo credits: www.evergreensnc.com