The Sterling Group has sold The Forest, a 272-unit community in Durham, N.C., to Dasmen Residential for $29.5 million. Greystone provided the buyer with a $23.4 million acquisition loan through Freddie Mac, according to Yardi Matrix. Cushman & Wakefield represented the seller in the transaction.
Sterling acquired The Forest in 2016 from Latitude Management Real Estate Investors for $22.6 million, according to Yardi Matrix. Sterling’s disposition is its third this year. The firm traded a 202-unit community in Nashville, Tenn., in April.
Located on 19.2 acres at 800 White Pine Drive, the 26-building property is 2 miles from Duke University and 5 miles from Durham’s city center. Built in 1981, the asset consists of studio, one- and two-bedroom apartments. Community amenities include a clubhouse, swimming pool and fitness center. The new owner plans to renovate unit interiors and upgrade the common areas. According to Yardi Matrix, The Forest was 93.4 percent occupied as of October.
The Cushman & Wakefield team included Watson Bryant, Jordan McCarley and Paul Marley. In September, two of the brokers represented the seller in an $82 million disposition in Charlotte, N.C.