Acquisition of 345-Unit Apartment Complex in Durham, NC
April 29, 2015
Legacy Capital Partners invested $7.748 million in the acquisition and renovation of a 345-unit apartment complex located in Durham, North Carolina. The total project costs (including funds needed to complete the renovation and lease-up) were $32.765 million. The asset was purchased with a $23.08 million fixed rate loan with a term of 10 years. The total equity requirement was $9.685 million.