DURHAM - TRIPLE NET PROPERTIES BUYS SPRINGFIELD APARTMENTS
Durham, North Carolina. The 21 year old Springfield Apartments complex was sold to Triple Net Properties of Santa Ana, California. Triple Net paid $18.1 million for the 288 units or $62,847 per unit. This is 46% more than Steven D. Bell & Co. of Greensboro paid for the 32 acre property in 2004. That is not a bad return on investment.
CB Richard Ellis data reports that $1.06 billion was paid for Triangle apartment projects during 2006 which is three times the ten year annual average.
John Fish (919) 696-3474 Email: marvmax@mindspring.com Website: www.JohnFish.com
