Charlotte, NC – December
8, 2015 - CBRE Group, Inc., is
pleased to have arranged the sale of Level 51 Ten Apartments in Durham, NC.
Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts exclusively represented
the seller, Chicago-based Blue Vista Capital Management, LLC. The property sold
on November 12, 2015, to an undisclosed buyer.
Level 51 Ten Apartments consists of 242 units and is located at 5110 Old
Chapel Hill Road in Durham, NC. The asset was originally developed in 2003 as
student purpose-built apartments consisting of one-bedroom, two-bedroom and
three-bedroom units. The buyer plans to
invest capital to improve the property’s unit interiors, amenities and operations.
The Durham-Chapel Hill market benefits from
its central location in the esteemed Research Triangle—one of the nation’s
largest and most well respected metros for higher education and innovative
businesses. 800,000 new residents are projected to move to the region between
2010 and 2030. The South Durham submarket, where Level 51 Ten Apartments is
located, has seen impressive rent growth metrics in recent years, with a 20%
increase in effective rent over the past five years and an additional 17%
increase projected through 2020. The conventional multifamily market is tight
with only 5% vacancy as of 3Q 2015.
“This transaction combined with the new
owner’s operating strategy demonstrates sustained consumer demand for
high-quality, multifamily product in the Triangle. Located equidistant to
Downtown Durham, Chapel Hill and the Research Triangle Park, Level 51 Ten is
firmly established in the “Eds & Meds” corridor, benefiting from
high-growth industries and strong surrounding demographics,” commented Kevin
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a
Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (in terms
of 2014 revenue). The Company has more than 70,000 employees (excluding
affiliates), and serves real estate owners, investors and occupiers through
more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and research and
consulting. Please visit our website at www.cbre.com.