Sale marks the second acquisition for buyer in less than a month
Newmark Knight Frank (NKF) announces a combined sale and financing transaction for the multifamily community of the Parc at University Tower in Durham. NKF’s Multifamily Capital Markets Vice Chairmen Sean Wood, John Heimburger and Dean Smith along with Senior Managing Director Alex Okulski and Managing Directors John Munroe and Jason Kon represented the seller Duck Pond Realty on the transaction. NKF’s Debt & Structured Finance group arranged the financing for the purchase on behalf of new owners Knightvest.
“This is the second area acquisition for Knightvest in less than a month,” said Wood. “This is a great testament to the strength of the multifamily market of North Carolina as there continues to be strong demand for investors despite the cautious investment environment during this time.”
The Parc at University Tower is a 186-unit, 9’-ceiling, garden-style community in Durham encompassing 176,692 SF on 18.26 acres. The apartments include private balconies, spacious closets, washers and dryers, built-in bookcases, garages, and oversized picture windows. The community amenities feature a resort-style swimming pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange.
The property has a centralized location that provides convenient access to the area’s major demand drivers as it’s easily accessible off Highway 15-501, the primary artery linking the town of Chapel Hill and UNC to Downtown Durham and Duke University. Parc at University Tower is a ten-minute drive to the Research Triangle Park and is located close to abundant retail and restaurant options at the South Square and Patterson Place shopping centers and positioned between new mixed-use developments University Hill and Oakridge.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
