HFF has announced the $42.1 million sale of Altera North Pointe, a 320-unit, garden-style apartment community in Durham.
HFF advised the seller, Wood Partners, and procured the buyer, a partnership between Richmond-based McCann Realty Partners and LEM Capital.
Altera North Pointe is situated on 38.5 acres at 2335 Broad Street adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the nearly completed Ellerbe Creek Greenway. In addition, the property is near major employment drivers, including Research Triangle Park, Duke University Health System and Duke University, as well as a variety of lifestyle amenities such as Northgate Mall, the Ninth Street Shopping District and downtown Durham.
Completed in 2001, the newly renovated property comprises a variety of one-, two and three-bedroom floor plans averaging 977 square feet. Each unit features stainless steel appliances, an in-unit washer and dryer, garden tub, faux wood plank flooring, walk-in closets, nine-foot ceilings and a patio or balcony. Community amenities include two swimming pools, tennis courts, volleyball court, playground, grilling area, dog park, 24-hour fitness center, clubhouse, game room with billiards and car care center.
The HFF investment advisory team was led by Allan Lynch, Justin Good and Jeff Glenn.
“Altera North Pointe is an institutionally maintained asset with tremendous upside potential, and investor interest was excellent as Raleigh-Durham’s impressive economic growth continues to attract an influx of investment capital,” Lynch said.
Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.