StoneBridge Buys 346-Unit Durham Community
HFF assisted with the sale and also worked on the new owner’s behalf to secure a $28.9 million Freddie Mac loan for the acquisition. TH Real Estate sold the garden-style asset.
Southpointe Glen
Southpoint Glen, a 346-unit, garden-style community in Durham, N.C., has changed hands. StoneBridge Investments purchased the suburban asset from TH Real Estate, an affiliate of Nuveen.
According to Yardi Matrix data, the property traded for $42.7 million. The sale was subject to a $28.9 million loan held by Freddie Mac. HFF marketed the property on behalf of the seller and also represented the new owner in securing the seven-year fixed-rate loan.
Located at 5800 Tattersall Drive, Southpoint Glen is about 7 miles from downtown Durham, providing easy access to employers within Research Triangle Park. The 1987-built property encompasses a mix of one-, two- and three-bedroom units averaging 885 square feet. Community amenities include:
- a swimming pool
- grill and picnic area
- outdoor kitchen
- sand volleyball court
- fitness center
- clubhouse
- business center
- playground
HFF Managing Directors Justin Good and Jeff Glenn, Senior Director Allan Lynch and Director Caylor Mark were part of the advisory team that represented TH Real Estate, while Managing Director Elliott Throne and Senior Director Roger Edwards worked on behalf of the buyer. Recently, Edwards was also involved in securing a $50 million loan for a 305-unit community in downtown Durham, N.C.
Image courtesy of Yardi Matrix
