DURHAM, NC - Cushman & Wakefield announced the commercial real estate services firm has arranged the $70 million sale of 501 Estates, a 270-unit apartment community located in Durham, NC.
Alex McDermott and Hunter Bowling of Cushman & Wakefield represented the seller, Spyglass Capital Partners LLC, in the transaction. The apartment community was acquired by Jefferson Apartment Group (JAG) and Stars REI.
“Built in 2001, 501 Estates is a truly differentiated product because of its direct-access BTR and townhome units. The newly delivered best-in-market amenities, coupled with a mature tree canopy and neighborhood feel, provide a unique product that will outperform the market,” said McDermott, Executive Managing Director at Cushman & Wakefield.
Ideally situated near Durham-Chapel Hill Boulevard, 501 Estates has streamlined access to a variety of retail options that line the throughfare, as well as 65,000 education and medical jobs stemming from the nearby Duke University and University of North Carolina Chapel Hill.
“501 Estates is the full package,” said James Butz, Chief Executive Officer at JAG. “From its ease of access to major employment centers in Research Triangle to its diverse product types and prime location adjacent to a nature preserve providing tree-lined views.”
On-site amenities include a new 3,000 SF free-standing fitness center, swimming pool with outdoor kitchen, dog park, care center, detached garages, and billiards room. The community boasts the largest floorplans in the submarket, offering a mix of garden units, townhomes, and cottages.
“We have a strong belief in the region’s fundamentals and its long-term performance, and we’re looking forward to continuing to expand our footprint,” said Felipe Lattapiat, Investments Associate of Stars REI.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 105-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2023, the group closed $4.9 billion in sales volume through 151 deals and 26,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit multifamily.cushwake.com