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CalStrs JV Buys Apartments Near University

DURHAM, NC-A joint venture of the California State Teachers' Retirement System and publicly traded Apartment Investment and Management Co. of Denver pays $31.4 million for the Belmont Apartments, a 312-unit apartment community near Duke University Medical Center.

By Brian K. Miller | Updated on December 09, 2004

DURHAM, NC-A 312-unit apartment community near Duke University Medical Center has been acquired by a $225-million equity fund that includes the California State Teachers’ Retirement System and publicly traded Apartment Investment and Management Co. of Denver. The fund, designed to make strategic investments in student-related properties, paid $31.4 million for the lakefront Belmont Apartments, which consists of 13 three-story residential buildings and a two-story community building.The Belmont Apartments complex is located at 1000 McQueen Dr. The community includes 108 one-bedroom units and 204 two-bedroom units. Amenities include an indoor racquetball court, a half-mile jogging path around the lake and a resort-style swimming pool. Randy Fein, EVP of Aimco.’s university communities division, says the Belmont complex caters to students and professionals associated with the Duke medical complex and is in line with the company’s strategy of acquiring university housing in supply constrained markets. Aimco operates 1,550 properties comprising some 272,000 units of housing in 47 states, the District of Columbia and Puerto Rico. The Belmont acquisition brings to 16 the number of university apartment communities owned by Aimco. The REITs student housing units are situated near the campuses of the University of North Carolina at Chapel Hill, Virginia Tech, Texas A&M, the University of Indiana at Bloomington, Purdue University, California State University at Hayward, Louisiana State University, the University of Kansas at Lawrence and the University of Notre Dame.

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