DURHAM, NC – Miami, Florida-based Atlantic | Pacific Companies (A|P) announced the acquisition of The Flats @ 55Twelve in Durham, North Carolina. The property marks A|P’s first acquisition in the city of Durham and also within the company’s third private equity fund, Blue Atlantic Partners Fund III (BAP III).
The Flats @ 55Twelve is located near the intersection of I-40 and Hwy 15-501, and within a 15-minute drive of the area’s major job centers, Research Triangle Park and downtown Durham, which boast 50,000 and 20,000 jobs, respectively. The 268-unit, three-story residential property offers a mix of one, two, or three-bedroom floor plans with an average size of 1,003 square feet. It also enjoys a full complement of luxury amenities such as a resort-style pool, fitness center, clubhouse, and Zen garden.
As part of A|P’s renovation program, the company plans to make significant capital improvements including common area enhancements, interior unit upgrades with granite countertops, shaker-style cabinets, and stainless-steel appliances.
“The Flats @ 55Twelve is a fantastic addition to our growing North Carolina portfolio,” remarked Greg Ward, Chief Investment Officer at Atlantic | Pacific Real Estate Group.“The property is located in a desirable neighborhood near some of the largest job centers in the expanding Raleigh-Durham market.”
In addition to The Flats @ 55Twelve, A|P currently owns and manages Harrison Grande Apartments in Carey, North Carolina.
Atlantic | Pacific Management (A|P Management), the property leasing and management platform under A|P, will handle all property management responsibilities.