Berkshire Group Reestablishes Raleigh-Durham Presence with Two Class-A Multifamily Acquisitions from Crescent Capital
Company Affiliates Acquire 282-Unit Crescent Cameron Village in Raleigh, and 303-Unit Crescent Ninth Street in Durham
BOSTON, MA — JANUARY 6, 2015 — Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, announced today that affiliates of the Company have acquired two class-A multifamily properties from Crescent Communities in the Raleigh-Durham market: Crescent Cameron Village in Raleigh, and Crescent Ninth Street in Durham.
Specific financial terms of the transactions were not disclosed. The acquisitions of Cameron Village and Ninth Street are the second and third transactions, respectively, of a portfolio of six properties in major markets in the Southeastern U.S., totaling 1,700 units, which Berkshire affiliates expect to acquire from Crescent Communities.
Berkshire Communities, the property management division of Berkshire Group, will manage both properties.
“We believe Cameron Village and Ninth Street are compelling opportunities – both are high-quality, attractive Class-A communities with modern amenities in areas with strong underlying fundamentals and close proximity to major employment centers.” said David Olney, Managing Director and Head of Multifamily Investments for Berkshire Group. “We expect Raleigh-Durham to see solid population and employment growth over the coming years, with an influx of young, well-educated professionals and a growing tech sector. Both properties are in desirable urban locations undergoing revitalizations, close to retail and entertainment, offering live-work-play environments which we believe are becoming increasingly in-demand among potential residents.”
Cameron Village, a 282-unit apartment community, completed in 2014, is located at the intersection of Clark Avenue and Oberlin Road in the heart of the Cameron Village Shopping District area of Raleigh, North Carolina. The property is situated close to major employment centers including Downtown Raleigh, North Carolina State University and Research Triangle Park. Residents have access to amenities including clubroom, business center, fitness center, pool, and outdoor common spaces with grilling area and fire pit.
Ninth Street, a 303-unit apartment community, also completed in 2014, is located in the heart of Ninth Street and Duke University in Durham, North Carolina. The property offers access to the employment centers of Duke University, Duke Medical and Downtown Durham. Community amenities include fitness center and pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.
About Berkshire Group
Berkshire Group is a real estate investment management company known for its vertically integrated operating platform and experience in the multifamily sector. Berkshire deploys capital primarily through equity, debt and development in the multifamily arena, as well as through opportunistic ventures in other real estate sectors such as senior housing, lodging, and medical offices. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience across the multifamily real estate spectrum in disciplines including acquisitions, asset and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of September 30, 2014, Berkshire Group had $5.7 billion in assets under management. For more information on Berkshire, please visit www.berkshire-group.com.