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DURHAM, NC-Santa Ana, CA-based Triple Net Properties LLC has acquired the 288-unit Springfield Apartments complex at 4600 University Dr. on behalf of tenant-in-common investors. The 17-building, 208,000-sf property is located on 32 acres two miles south of Duke University and two miles east of Interstate 40.

The property was acquired from Steven D. Bell & Co., which represented itself in the transaction. Financing was provided by Wachovia Bank, N.A., arranged by David Pike. The acquisition price was not released.

The complex, which caters to graduate students and young professionals, contains one-bedroom, one-bathroom units that range in size from 500 sf to 800 sf and rent for $530 to $675, and two-bedroom, two-bathroom units that range in size from 904 sf to 1,010 sf and rent for $699 to $850. The complex is 96% occupied and has a parking ratio of 1.5 spaces per unit.