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Atlanta & Southeast  + Southeast  + Apartments  |  July 26, 2021
David Cohen
By: David Cohen

Magma Equities Acquires Duke Student Housing Property for $42M

Multifamily investment firm Magma Equities, in partnership with Viking Partners, has acquired University Apartments, a 359-unit apartment community located in the Duke submarket of Durham.

University Apartments consist of studio, one- and two-bedroom units housed in 20 two- and three-story residential building buildings on 12 acres at 1500 Duke University Road. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. The location offers access to both the Duke and Durham transit lines. Magma plans to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas.

“Over the past two decades, Raleigh/Durham has evolved into a thriving hub for businesses up and down the East Coast, becoming one of the country’s top regions for technology, research and development,” said Scott Ogilvie of Magma Equities.

The seller was not disclosed.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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