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Davis-Gemini JV Divests Durham MF for Nearly $66M
The Lodge at Croasdaile Farm, a 320-unit, garden-style and townhome apartment community in Durham, NC was acquired by Virginia-based RST Development for $65.9 million. The North Durham submarket asset was sold by a joint venture between Boston-based The Davis Companies and Gemini Partners, LLC.
The property is situated on nearly 40 acres at 3130 Hillandale Rd. within the Croasdaile Farm master-planned community. Completed in 2019, the three-phase property consists of a mix of one, two and three-bedroom garden-style flats and two and three-bedroom townhome units totaling 340,160 rentable square feet. Community amenities include a resort-style saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a leash-free bark park.
JLL Capital Markets’ Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark, John Currin and Justin Good represented the seller. The buyer assumed management operations under its affiliate, Hercules Living.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
