DURHAM, NC — Newmark Knight Frank (NKF) announced the sale of 501 Towns, a 236-unit, townhome-style apartment community to a subsidiary of Ginkgo REIT Inc. who purchased the property for $37,000,000. An affiliate of Ginkgo REIT also owned the property from 2010 – 2014.
Managing Directors Jason Kon and John Munroe; Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Senior Managing Director Alex Okulski; represented the seller Aliso Viejo, CA-based Brookline Investment Group. The family office targets core, value-add and opportunistic acquisitions of multifamily and commercial properties.
Charlotte-based Ginkgo REIT is a recently formed real estate investment trust that is externally managed by Ginkgo Residential LLC, a fully-integrated real estate operating company focused on providing acquisition, construction management, accounting, investor/asset management and property management services to apartment communities in the southern United States. Ginkgo Residential is an industry leader focused on combining its core business of providing reasonably priced, high-quality housing with energy efficient improvements that are environmentally sensitive.
“Ginkgo fully renovated both the interior and exterior of the property when they owned it previously, repositioning it into what it is today,” said Kon. “Their history and experience owning 501 Towns gives them a leg up moving forward.”
The community is located just off Durham-Chapel Hill Boulevard, easily accessible to both Duke University and Downtown Durham. Property amenities include a pool with poolside WiFi, dog park, organic community garden and nature trails. Green unit features include programmable digital thermostats, water-saving fixtures, energy star front-load washers & dryers and energy star Simonton windows.
About Newmark Knight Frank: Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com
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