CHARLOTTE, North Carolina, March 21, 2018 – Cushman & Wakefield has arranged the $27 million sale of Oaks at Northgate & Leon Court, two multifamily properties totaling 386 units in Durham, North Carolina. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the seller, Artesia Real Estate, in the transaction.
“The sale of Oaks at Northgate & Leon Court is a tremendous success for our firm and we are confident that the asset is primed for the new owners to roll out their business plan,” said Colin Brothers, Principal and Owner of Artesia. “We’re very pleased with our team’s execution on the assets and look forward to continuing our investing in Raleigh-Durham.”
In the past two years, Artesia spent $1 million in capital on an expansive list of improvements, including roof replacement, exterior paint, office/clubhouse rebuild, outdoor common area upgrades, and extensive landscaping. Amenities include a clubhouse with coffee bar, pet stations, playgrounds, fire pits, picnic/grilling stations and a sports field.
“New ownership saw Oaks at Northgate & Leon Court as a truly unique investment,” Bryant said. “The property is perfectly positioned 1.5 miles north of Downtown Durham, one of the fastest growing and most dynamic markets in the Southeast. Residents enjoy walkability to Costco, Home Depot, and Kroger, as well as easy access to Interstate 85 and Duke Regional Hospital.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.