Jefferson Apartment Group Acquires 501 Estates Multifamily In Durham, NC For $73M

Jefferson Apartment Group has acquired 501 Estates, a 270-unit apartment property located at 240 Ivy Meadow Lane in Durham, North Carolina. The transaction, facilitated by Adam Cohen of Spyglass Capital Partners, was closed for a sale price of $73 million, averaging approximately $270,370 per unit.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $73,000,000
• Address: 240 Ivy Meadow Lane, Durham, NC
• Market: Durham, NC
• Buyer: Jim Butz - Jefferson Apartment Group
• Seller: Adam Cohen - Spyglass Capital Partners
• Units: 270
• Price Per Unit: $270,370

This acquisition marks Jefferson Apartment Group's expansion into the Durham market and strengthens their multifamily portfolio with the addition of 501 Estates. The property offers 270 residential units and is situated on Ivy Meadow Lane. The deal was successfully negotiated by Jim Butz of Jefferson Apartment Group and Adam Cohen of Spyglass Capital Partners, representing the buyer and seller respectively.