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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  February 4, 2022
Exterior view of three-story apartment complex surrounding pools and lounging area
Lisa McDuffie
By: Lisa McDuffie

FCP Collects $56M in Sale of Apartment Community Purchased for $25M in 2015

Chevy Chase, MD-based FCP has sold its Haven at Patterson Place apartments in Durham, NC for $56.2 million to StoneBridge Investments. The 242-unit apartment community was acquired by FCP in November 2015 for $24.6 million.

Howard Jenkins and Katie Kuhlhorst of CBRE represented the seller.

“We are pleased with the successful execution of our business plan at Haven at Patterson Place, specifically its conversion from a student, lease-by-the-bed community to a conventional apartment community, which has provided much needed workforce housing in a prime location between Chapel Hill and Durham,” said FCP senior associate Chris Posluszny.

Built in 2002, Haven at Patterson Place was constructed in 2002 as a purpose-built student housing community serving universities in the surrounding area.

Haven at Patterson Place is located on Old Chapel Hill Road near I-40 and NC 15-501, convenient to nearby retail and restaurant amenities and transportation links to the universities, RTP and downtown Durham and Raleigh.

 Photo courtesy FCP

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Inside The Story

FCP’s Posluszny

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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