Northmarq’s Carolinas Multifamily Investment Sales team arranges $16.5 million sale of Triangle Park Apartments
DURHAM, N.C. (Sept. 23, 2024) — Northmarq’s Carolinas Multifamily Investment Sales team of James Dorsett, Chris Schultz, Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark and John Currin successfully brokered the sale of Triangle Park Apartments in Durham, North Carolina. The garden apartments, located at 5011 S. Alston Ave., sold for $16.5 million.
Northmarq represented the seller, Blacklion Holdings. The buyer was Sutter & Wright.
“Triangle Park represents one of only four market rate multifamily assets in the Research Triangle Park (RTP) submarket built before 2000,” Dorsett said. “The buyer will have the opportunity to continue the proven value-add strategy at the property, while benefitting from the continued expansion of Raleigh/Durham as one of the fastest growing markets in the country.”
“The sale provides a much-needed data point for the RTP submarket, which has only seen two other multifamily assets trade over the past two years,” Schultz said.
Built in 1986 and renovated in 2021, Triangle Park Apartments is a 122-unit garden community. The apartments are built for comfort and style, featuring newly-renovated apartments with one-, two- and three-bedroom floorplans. Amenities include a swimming pool and sundeck with free Wi-Fi, a 24-hour fitness center, updated clubhouse with coffee bar, leisure courtyard with barbecues, outdoor lounge and fire pit, on-site laundry, leash-free pet park, playground and an auto detailing area.
Its location provides close proximity to the major employment hub of the Research Triangle Park, as well as access to Interstates 40 and 885 servicing both downtown Durham, which is 10 miles away, and Raleigh, which is 19 miles to the Southeast.
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