StoneBridge Moves Beyond DC To Make North Carolina Investment
It has acquired an apartment building in Durham, NC, for $42.7 million.
WASHINGTON, DC–Locally based StoneBridge Investments has acquired Southpoint Glen, a 346-unit suburban garden apartment community in Durham, NC, for $42.7 million. The seller, TH Real Estate, an affiliate of Nuveen (the investment manager of TIAA), was represented by Justin Good, Jeff Glenn, Allan Lynch, and Caylor Mark of HFF.
This is StoneBridge’s first acquisition in North Carolina and it is located within minutes of Research Triangle Park. Southpoint Glen is also close to The Streets at Southpoint, a 1.3 million square foot regional shopping mall.
The company will do light in-unit renovations and exterior improvements to close the gap between Southpoint Glen and its newer competitors “while still maintaining its relatively affordable position in the submarket,” says Will Bateman, Director, StoneBridge Investments.
HFF’s debt placement team, led by Elliott Throne and Roger Edwards, worked on StoneBridge’s behalf to secure a seven-year fixed-rate loan through Freddie Mac’s CME (Capital Markets Execution) Program.