Cushman & Wakefield has arranged the sale of The Forest, a 272-unit multifamily property in Durham, for $29.5 million. Cushman & Wakefield’s Watson Bryant, Jordan McCarley and Paul Marley represented seller, The Sterling Group, in its disposition to DASMEN Residential.
“DASMEN is pleased with our most recent acquisition of The Forest, our eighth asset in the Raleigh-Durham market,” said Michael Katz, CEO of DASMEN Residential. “Our plan is to enhance the living experience for the current and future residents as we look to implement an extensive renovation to the interior units and common areas. Quartz countertops for the interiors as well as a DASMEN Resort like experience for the clubhouse, pool, business center and fitness center are all part of the detailed business plan for The Forest.”
He continued, “Our slogan of ‘Live Better, Live Different, Live DASMEN’ is what we want every resident to feel when they call The Forest or any DASMEN community home. Paul Marley and Watson Bryant with Cushman & Wakefield were a pleasure to work with on this transaction.”
Built in 1981, The Forest is located just minutes from Duke University Health System and Research Triangle Park. Within a three-mile radius, demographics include an average household income of $83,000, projected to increase to $96,000 by 2024, and extremely low unemployment at 3.8 percent.
“The Forest sits in a prime location in Durham just minutes from major Triangle job hubs,” said Bryant. “New ownership has the opportunity to tap into the affluent renter base in the area and expand upon an in-place, value-add initiative in order to grow rental income.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on more than $4.8 billion in multifamily investment sales through the third quarter (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.