Colliers International Sells 144 Unit Durham Apartment Complex

Colliers International has closed the sale of Stonesthrow Apartments, an apartment complex at 3207 Stonesthrow Lane in Durham for $15.4 million, which equated to a 4.5% cap rate.

Colliers International | Raleigh-Durham, led by Multifamily Vice President John Manning, facilitated the transaction on behalf of the seller, Stonesthrow Apartments LLC. Michael Deaton and T.Furlow with Deaton Investment Properties represented the buyer, Magma Equities, LLC, a company based in El Segundo, California.

Built in 1979 and totaling 144 units averaging 851 SF, the existing property is in close proximity to Research Triangle Park.

 

Magma Equities Website