RST Development Acquires Durham Asset for $66M
- Apr 24, 2020
In a sales transaction valued at $65.9 million, RST Development has acquired Lodge at Croasdaile Farm, a garden-style multifamily community in Durham, N.C.
JLL Capital Markets marketed the property and closed the sale on behalf of the seller, a joint venture between The Davis Cos. and Gemini Partners LLC. The company also procured RST Development, which took management under its affiliate, Hercules Living. JLL also played an important role in the sale of Alta Blue, another North Carolina apartment community.
Spreading across 40 acres at 3130 Hillandale Road in the North Durham submarket of Durham, the 320-unit Lodge at Croasdaile Farm is a two-year-old, three-phase property featuring 340,160 rental square feet. The three-story community offers one- , two and three-bedroom garden-style apartments and two- and three-bedroom townhomes.
The property is located within the Croasdaile Farm master-planned community, where the median price of homes is almost $525,000. Residences of Lodge at Croasdaile Farms feature screened-in balconies, walk-in closets, in-unit washer-dryers, granite countertops and ceiling fans. A resident lounge with community kitchen serves as a leading amenity.
Competitive newer developments in the Durham submarket have tended to be urban infill projects whose development costs priced many renters out of residences. By contrast, despite it being a Class A, close-in property with competitive finishes, Lodge at Croasdaile Farm was developed to offer price points substantially below infill competitors.
Situated within five minutes of three different shopping centers, Lodge at Croasdaile Farm also offers proximity to major universities. Duke University is 10 minutes, North Carolina Central University 15 minutes and Durham Technical Community College 17 minutes away. Adjacency to I-85 gives residents connections to significant area job centers, including Duke Medical Center and the employers of downtown Durham.
Lodge at Croasdaile Farm also furnishes residents with access to the sprawling paved greenway system of Croasdaile, as well as trail surrounding Crystal Lake. Other parks and recreation opportunities include the Mountains to the Sea Trail, Duke Gardens and Duke Lemur Center. The 206-acre Occoneechee Mountain State Natural Center is a getaway for those interested in hiking, fishing, picnicking and interpretative nature programs.
Representing the seller, JLL Capital Markets’ team was headed by Managing Directors Jeff Glenn and Andrea Howard, Senior Director Allan Lynch, Directors Caylor Mark and John Currin, along with former Managing Director Justin Good.