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New apartment developers pick up project
mchen@heraldsun.com; 419-6636
DURHAM -- An apartment complex that generated neighborhood opposition last year for concerns about its density has changed developers but will break ground next spring.
The 240-unit project planned for Bertland Avenue and Omah Street, a wooded area tucked behind Hillandale Road, has been sold to Kotarides Developers of Virginia Beach, Va., a developer of apartments that's looking to expand into North Carolina.
The project was originally planned by Fairfield Residential of Bethesda, Md., and generated some heat from surrounding neighbors in the rezoning process.
Former owners David and Susan Beischer, who also developed Croasdaile Farm and Croasdaile Country Club, sold the property for $3.3 million to Kotarides at the end of August.
"Kotarides Developer came in and saw a great opportunity to pick up the project. It's the exact same project. All the things that were guaranteed to the city and the neighbors, all of that will be delivered to the community," said David Beischer.
This will be the second property owned by Kotarides in North Carolina. The first was Clarmont at Farmgate, which has completed construction at the corner of Interstate 40 and Buck Jones Road in Raleigh.
Groundbreaking is expected to occur in May, said Regional Property Manager Tammie Davis.
Davis said the architectural plans will not be changing. The property off Bertland Avenue will still have 240 apartments.
John High with Trinity Partners in Raleigh represented the Beischers in this transaction.
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