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DURHAM, NC-Chicago-based Waterton Associates has acquired Pinnacle Ridge from Capri Capital Advisors for an undisclosed sum. The multifamily property is just the first of five that Capri Capital put on the market.
Capri Capital, also based in Chicago, retained EnTrust Realty Advisors, the investment services arm of the Chicago-based Alter Group, to sell the five-property, 1,768-unit portfolio. The Pinnacle Ridge deal with Waterton was the first to close, and EnTrust expects to announce the sale of the remaining properties in the near future, a spokesman for EnTrust tells GlobeSt.com.
Capri Capital decided to sell the portfolio because it had reached the end of a partnership term of a fund created in 1997 between Capri and four institutional investors to acquire the properties, the spokesman adds.
Pinnacle Ridge was on the market for three months and generated a lot of interest, the spokesman says. The 350-unit gated community is at 3611 University Dr. It was developed in 1988 and has 21 two-and three-story buildings. The property is currently 93% occupied, according to EnTrust Realty Advisors.
The property is a half mile from the South Square Mall and three miles from Duke University and Duke Medical Center. The 6,900-acre Research Triangle Park is seven miles to the southeast. "Pinnacle Ridge's central Durham location positions the property to take advantage of growth in North Carolina's celebrated Research Triangle, while maintaining its present share of Duke University graduate students and Medical Center employees as residents," says EnTrust managing principal John I Clarke III.
The apartment community's amenities include an indoor racquetball/volleyball court, 24-hour fitness center, sun deck with three-tiered waterfall and parking for 524 cars. Each unit has a patio, deck or sunroom; walk-in closets; washer and dryer connections; and a built-in wine rack. Some units feature vaulted ceilings with fans and wood-burning fireplaces.
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