DURHAM, North Carolina, Aug. 8, 2017 – Cushman & Wakefield’s Southeast Multifamily Advisory Group has arranged the $22 million sale of Bainbridge in the Park, a 216-unit apartment community located in Durham, North Carolina. Marc Robinson, Jordan McCarley, and Watson Bryant of Cushman & Wakefield represented the seller, PRG Real Estate, in the transaction. Dasmen Residential acquired the property.
“Bainbridge in the Park is a perfect example of the investment appetite for Durham,” Bryant said. “Centrally located between downtown Durham, Southpoint Mall, and the Research Triangle Park, the community provides residents one of the Triangle’s most accessible locations to jobs and retail.”
Bainbridge in the Park, built in 1985, is conveniently located within three miles of the Meridian Corporate Center and the Research Triangle Park – two of Durham’s largest employment centers. Strong submarket fundamentals have been fueled by a stabilizing pipeline, causing South Durham rents to increase 6.5 percent over the last 12 months. Bainbridge in the Park is currently 94.9 percent leased.
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions reported to CoStar. The group has closed $2.0 billion in sales volume in 2017, totaling over 130 deals and more than 25,000 units. On average, the team has experienced 63 percent sales growth within the last five years. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.