Written by Amanda Jones Hoyle | TRIANGLE BUSINESS JOURNAL
A California real estate investor has bought the Yorktown Club apartment community in Durham for $23.6 million, shortly after the previous owners finished a complete renovation of the interior and exterior of its buildings.
The 236-unit Yorktown Club, located at 2029 Bedford St. in Durham, is just north of the popular Foster’s Market and Guglhupf bakery and cafe on Durham-Chapel Hill Boulevard. It is also the first acquisition in the Triangle by Brookline Investment Group of Aliso Viejo, California.
Will Milligan, a director at Brookline, says his year-old firm bought its first apartment community in the Carolinas in Charlotte last June with its acquisition of the 220-unit Arbor Village.
“We are excited about the growth in the Carolinas,” he says. Counting Yorktown, Brookline now owns eight apartment communities in five states, including Georgia, Texas, Utah and Washington.
Milligan says the previous owners of the property had recently installed a new HVAC system and completed the renovation of the interior and exterior of all the buildings at Yorktown, so he says he doesn't anticipate needing to make significant new capital investments in the property.
Brookline purchased the property from Starwood Capital Group of Greenwich, Connecticut, according to Durham County deed records.
Yorktown was built in 1969 and features two-story, townhouse-style units that are also larger than the average apartment unit in the market. Units at Yorktown were recently priced from $745 per month for a 1,200-square-foot two-bedroom apartment to $2,550 for a 2,200-square-foot, three-bedroom apartment.
Riverstone Residential Group has since taken over property management for Yorktown.