FCP® announces the sale of Haven at Patterson Place apartments in Durham, NC for $56.2 million. The 242-unit apartment community was acquired by FCP in November 2015 for $24.6 million.
“We are pleased with the successful execution of our business plan at Haven at Patterson Place, specifically its conversion from a student, lease-by-the-bed community to a conventional apartment community, which has provided much needed workforce housing in a prime location between Chapel Hill and Durham,” said FCP Senior Associate, Chris Posluszny. Built in 2002, Haven at Patterson Place was constructed as a purpose-built student housing community serving universities in the surrounding area until FCP completed the conversion to a conventional, lease by the unit operation. FCP also successfully completed a unit interior renovation program as well as several improvements to the community’s amenities, including a clubhouse renovation.
Haven at Patterson Place is located at 5110 Old Chapel Hill Road near I-40 and NC 15-501, convenient to nearby retail and restaurant amenities as well as easy transportation links to the universities, RTP and downtown Durham and Raleigh.
FCP extends its appreciation to Howard Jenkins and Katie Kuhlhorst at CBRE Carolinas Multi-Family Group for their representation of the seller.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.