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Downtown Durham apartments fetch more than $76 million

Resurging downtown reshaping Durham’s skyline

Over the next few years, redevelopment in downtown Durham will reshape the skyline and add hundreds of office, retail and living spaces to the Bull City.
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Over the next few years, redevelopment in downtown Durham will reshape the skyline and add hundreds of office, retail and living spaces to the Bull City.

The BullHouse Apartments, a recently opened apartment building in downtown Durham, has sold for more than $76 million.

Lantower Residential, a Dallas-based apartment operator, paid $76.3 million for the recently-opened apartment complex near Durham Bulls Athletic Park at 504 E. Pettigrew St.

It’s the company’s second apartment complex in Durham — it also owns Realm Patterson Place in southwest Durham. Efforts to reach Lantower for comment were not immediately successful.

The BullHouse Apartments, originally called The Mark at Durham One, were built by Woodfield Investments on the former Hendrick Auto Mall site in downtown Durham. Woodfield purchased the property in 2015 for $6.1 million, according to county records.

The sale is another sign of the high interest in residential projects around the ballpark, an area that has seen a flurry of development in recent years. There are currently three construction projects underway in that part of town and another one planned.

The Van Alen building, a Northwood Ravin project a block away, will add around 400 apartment units next to DBAP and the Durham County Courthouse. That block also has a 10-story office tower called 555 Mangum — another Northwood Ravin project — under construction.

And on the other side of the baseball park and the American Tobacco Campus, another project under construction will add around 300 apartments on the site of an old hotel.

Adjacent to the BullHouse property, Charlotte-based Lennar Multifamily Communities submitted plans earlier this year for a 6-story building at 425 S. Roxboro St. that would add hundreds of apartments to a growing section of downtown. LMC purchased the property for $13.5 million last year.

Lennar is also considering adding an office tower to its parcel of land to go with the apartments.

The sales price of the 305-unit BullHouse Apartments eclipsed another high-profile apartment complex sold last year. The Liberty Warehouse Apartments, on the other side of downtown, sold for $69 million in May 2017.

However, the 246-unit Liberty Warehouse had a higher per-unit sales price, going for around $281,000 per unit. BullHouse sold for $250,000 per unit.

The BullHouse's website currently lists 134 of its apartments as available for rent. Prices on its website range from around $1,300 for a one-bedroom apartment to more than $3,100 for a three-bedroom apartment.

Zachery Eanes: 919-419-6684, @zeanes
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