Jan
19

Beech Lake Apartments in Durham, NC Sell for $19.7M

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Palatine Capital Partners has sold the 345-unit Beech Lake Apartment complex in Durham, NC to a joint-venture between Westdale Properties and Lubert-Adler for $19.7 million.

Palatine acquired Beech Lake for $15,600,000 in September 2009 through a joint-venture with Somerset Partners.

“We substantially improved Beech Lake’s physical condition, and were able to grow rents by more than 11% during our hold period,” said Alex Hurst, founder and Managing Partner of Palatine Capital Partners in a statement. “We are actively looking to expand our apartment portfolio, with a particular focus on ground-up development in the Southeast and mid-rise properties across the country.”

MORE ON THE COMPLEX HERE

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