DURHAM, N.C.--(BUSINESS WIRE)--Asia Capital Real Estate (ACRE), a global real estate private equity firm, today announced it has acquired Aven Apartments (“Aven”), a multifamily property in Durham, N.C., from Magma Equities. The purchase price was undisclosed.
ACRE plans to launch a $3 million capital improvements and investment strategy at the 144-unit property, including both physical and operational improvements aimed at generating additional value for its investors and residents.
In-unit upgrades will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms, and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting, and other miscellaneous aesthetic additions. ACRE will also elevate the resident experience on site by repurposing existing tennis courts into a courtyard area featuring grills, a fire pit, and a playground.
Aven will also benefit from operational efficiencies overseen by ACRE’s property management partner, Elmington Property Management.
“Durham is one of many fast-growing metro areas across the Sun Belt and Southeast, as the region continues to gain new residents and jobs,” said ACRE COO Melanie Gersper. “Demand for quality workforce housing in these areas is at an all-time high, and the Research Triangle region was a perfect fit for ACRE’s long-standing strategy of making targeted improvements to well-located multifamily assets. Aven is a prime addition to our rapidly expanding portfolio of assets, and we look forward to implementing our unique approach to unlock hidden value at the property for our residents and investors alike.”
Located in Raleigh-Durham’s South Durham submarket, Aven is a 144-unit garden style multifamily apartment community in the heart of North Carolina’s Research Triangle. A hub of economic activity, the Research Triangle is home to more than 300 companies, such as IBM, Cisco, Credit Suisse, and Fidelity — employing more than 50,000 workers across the healthcare, finance, and research industries.
In addition to its prime location, Aven boasts sprawling green space and a unique building design, providing residents with ground-level unit access. Residents also enjoy a vast amenity package, including a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground, and on-site management with 24-hour maintenance.
Through a series of equity and debt funds, ACRE manages more than $2.9 billion in assets across private real estate investments and loans. The firm specializes in value-add, multifamily opportunities and invests in workforce and affordable housing assets in strategic growth markets. ACRE’s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on creating added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and sustainable green measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.
About Asia Capital Real Estate (ACRE)
Founded in 2011, Asia Capital Real Estate (ACRE) is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $1.8 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have spanned 22,000 units across 78 properties in 33 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global multifamily housing portfolio with offices in Atlanta, New York and Singapore.