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Apartment REP Blog
Oct 7

Written by: Apartment REP
10/7/2010 11:12 AM 

Written by David Bracken | TRIANGLE NEWS & OBSERVER 

Southern Oaks at Davis Park, a 287-unit apartment complex in South Durham, has been bought for $29.5 million by Prudential.

The seller was Atlanta-based Wood Partners, which opened the property in 2007.

The sale continues the trend of quality Class A apartment buildings fetching high prices.

A total of 23 apartment complexes have sold in the Triangle this year, according to Apartment REP, a Raleigh real estate company. Those sales have totaled $388 million, which is more than double the amount recorded in 2009.

Southern Oaks was 93 percent occupied in March, according to data from the Triangle Apartment Association and Karnes Research.

Wood Partners paid $3.98 million for nearly 13 acres at Davis Drive and Hopson Road in 2006.

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