Southpoint GlenWASHINGTON, 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.
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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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
