Newmark is pleased to announce the multifamily sale of Southpoint Crossing in Durham, NC on behalf of Duck Pond Realty, a New York-based family company. The property was purchased by Toronto-based Starlight Investments. Newmark’s Vice Chairmen Sean Wood, John Heimburger and Dean Smith, Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon represented the seller in the transaction.
“Even in such an uncertain economic climate, our team was able to work efficiently with both Duck Pond Realty and Starlight Investments to ensure this transaction reached a successful closing for both sides,” said Wood. “This is a further testament to the strength and resiliency of the regional multifamily market and a key indicator for continued future investment into the dynamic Raleigh-Durham economy.”
Southpoint Crossing, located at 1800 Southpoint Crossing Drive in Durham sits on 26.16 acres spanning 288 units, totaling 268,974 square feet. As of April 30, 2020, Southpoint’s occupancy was 96.2% and nearly 100% of Southpoint’s April rent has been collected.
The property was built in 1999, with many of the units undergoing light upgrades over Duck Pond Realty’s roughly seven-year hold, consisting of new appliances, resurfaced counters, and faux-wood flooring in kitchens and bathrooms. The community’s common amenities include a state of the art 24-Hour fitness center, resort-style swimming pool with lounge, a 24-Hour business center, outdoor barbeque grilling station with picnic tables, playground, large pet park, Amazon Hub package lockers and direct access to the American Tobacco Trail.
Southpoint Crossing is located just off I-40, near the intersection of NC-54 and Fayetteville Road, Southpoint Crossing provides convenient access to the Triangle’s main employment nodes for a wide range of opportunities including the Research Triangle Park, major area medical installations as well as both downtown Durham and Raleigh. Southpoint Crossing provides proximity to an abundance of surrounding, walkable retail and dining, including a neighboring Harris Teeter grocery. Furthermore, the property is conveniently walkable to The Streets at Southpoint shopping mall without being immersed in congestion and traffic.
Research Triangle Park (RTP) is home to more than 275 companies and nearly 60,000 jobs, with expertise in fields such as microelectronics, telecommunications, biotechnology, chemicals, pharmaceuticals, and environmental sciences; the RTP is the area’s largest employment node. Local industries invest nearly $300 million in research and development (R&D) at the region’s universities each year - double the average R&D investment for innovation clusters elsewhere in the nation.
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