StoneBridge Investments of Washington, DC, has acquired Haven at Patterson Place, a 242-unit rental apartment community in Durham, NC, for $56.2 million. Howard Jenkins and Kevin Kempf of CBRE Southeast Multifamily represented the seller, an affiliate of Washington, DC-based FCP. The new ownership plans a comprehensive renovation program to include modernization of common areas and grounds as well as upgrades of unit interiors.
This is Stonebridge’s fourth acquisition in the Raleigh/Durham market. The company now owns a portfolio of more than 1,000 units in the Research Triangle area.
Built in 2002, Haven at Patterson Place is situated in the dynamic and high growth South Durham market. The community is less than a ten-minute drive from Duke University, the University of North Carolina-Chapel Hill, and Research Triangle Park. The community’s convenient location at at 5110 Old Chapel Hill Road places it within easy reach of major employment centers as well as Raleigh-Durham International Airport.
“We were attracted to this opportunity because of the unique combination of quality construction and desirable location within the Durham market,” said Will Bateman, Director, StoneBridge Investments. “With a diversified employment base focused on the medical, educational, life sciences, and technology sectors, Raleigh-Durham has a great economic foundation. Its promising trajectory is highlighted by Apple’s plans to open a $1 billion East Coast campus just down the road from Haven at Patterson Place.”
“We believe these factors will continue to drive outsized growth for Raleigh/Durham as a whole as well as our specific submarket,” Bateman added.
Residents of Haven at Patterson Place enjoy a market-leading amenity package including a resort-style swimming pool, 24-hour state-of-the-art fitness center, clubhouse, 24-house cyber café with wi-fi, community fire pit, dog park, playground, grilling stations, resident car wash with vacuum station, and complimentary package service.
“Leveraging on the strong demographics and demand for upgraded product in the area, we are planning to implement an upgrade program focused on modernizing the property and bringing it in line with newer comparable communities in the submarket,” noted Kees Bruggen, Managing Director, StoneBridge Investments.
Planned renovations include modernized clubhouse design and decor, a 24-hour touchless package locker system, enhanced pool and outdoor lounge areas, and more. Individual apartment upgrades will feature stainless steel appliances, granite countertops, modern Shaker cabinet fronts, subway tile backsplashes, a modern lighting package, vinyl plank flooring, washer-dryer sets in all units, and a tech package.