{"id":1004121763,"date":"2015-06-22T12:17:15","date_gmt":"2015-06-22T20:17:15","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353167"},"modified":"2020-04-07T23:34:45","modified_gmt":"2020-04-08T07:34:45","slug":"new-to-triangle-multifamily-investor-expands-in-durham","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-multifamily-investor-expands-in-durham\/","title":{"rendered":"New-to-Triangle Multifamily Investor Expands in Durham"},"content":{"rendered":"

By Adriana Pop, Associate Editor <\/em><\/p>\n

\"Seven<\/a>Seven Oaks Townhomes, a 272-unit apartment community in north Durham, has a new owner.<\/p>\n

According to the Triangle Business Journal<\/a><\/em>, 29th Street Capital paid $13.5 million to acquire the property from a subsidiary of VTT Management of Atlanta.<\/p>\n

The Seven Oaks\u00a0townhouse-style complex is located near the Kroger-anchored Riverview shopping center on Roxboro Road. Amenities include a swimming pool, playgrounds, a full basketball court, laundry facility and 24-hour emergency maintenance.<\/p>\n

Monthly rents for the two-story townhomes range from $699 for an 820-square-foot one-bedroom unit to $950 for a 1,310-square-foot, three-bedroom floor plan.<\/p>\n

The transaction marks the first major property acquisition for 29th Street Capital in North Carolina. The company is also planning to invest about $1 million in a renovation project, which will include a new fitness center, the installation of screen doors, as well as upgrades to the outdoor spaces and pool area. Plans also call for washer\/dryer connections and improved floors, cabinets and countertops, according to David Berrien, 29SC\u2019s vice president of acquisitions for the Carolinas.<\/p>\n

\u201cThis is the first of many acquisitions we plan in the Carolinas,\u201d Berrien told the newspaper. \u201cSeven Oaks is the only townhome-style community \u2013 which is popular with families \u2013 in the area.\u201d<\/p>\n

Since it was founded in 2009, Irvine, California-based 29th Street Capital has acquired more than 30 multifamily communities totaling over 5,000 units. Most of these assets are located in the country\u2019s secondary markets, which have largely been overlooked by institutional investors.<\/p>\n

Photo credits: www.sevenoakstownhomes.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Seven Oaks Townhomes, a 272-unit townhouse-style apartment community in north Durham, has a new owner.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1604],"tags":[],"class_list":["post-1004121763","post","type-post","status-publish","format-standard","hentry","category-latest","category-raleigh-durham"],"acf":[],"yoast_head":"\nNew-to-Triangle Multifamily Investor Expands in Durham - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-multifamily-investor-expands-in-durham\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New-to-Triangle Multifamily Investor Expands in Durham\" \/>\n<meta property=\"og:description\" content=\"Seven Oaks Townhomes, a 272-unit townhouse-style apartment community in north Durham, has a new owner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-to-triangle-multifamily-investor-expands-in-durham\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-22T20:17:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T07:34:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Seven-Oaks-Townhomes-in-Durham.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"New-to-Triangle Multifamily Investor Expands in Durham\",\"datePublished\":\"2015-06-22T20:17:15+00:00\",\"dateModified\":\"2020-04-08T07:34:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/\"},\"wordCount\":252,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Seven-Oaks-Townhomes-in-Durham.jpg\",\"articleSection\":[\"News\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-to-triangle-multifamily-investor-expands-in-durham\\\/\",\"name\":\"New-to-Triangle Multifamily Investor Expands in Durham - 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