Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2012
Building Area
Occupancy 90.0 %

Property Description

Trinity Commons at Erwin has exhibited impressive operational performance generating 4.6% annual effective rent growth since 2017. More recently, the Property has proven resilient amidst a global pandemic sustaining 3.98% organic rent growth over the last 60 leases compared to in-place rents. To meet the growing interior finish-level and amenity expectations demonstrated by the discerning Durham renter base, the Property offers investors compelling value-add upside with a low-risk investment strategy. Newer and recently renovated midrise properties in the submarket are achieving average rent premiums of $160 across studio, 1 and 2-bedroom units, while new high-rise product is achieving rent premiums north of $500, leaving considerable spread for the next owner to close the rent gap.

Investment Highlights

  • PROPERTY LEVEL RENT GROWTH of 4.6% annually since July 2017 has established a sustainable trend as recent leases are up 3.24% over in-place*.
  • COVETED WALKABILITY to Duke University’s West Campus and the highest concentration of healthcare employment in Durham: also known as “The City of Medicine” due to its depth of life-science and
  • medical employment.
  • COMPELLING VALUE-ADD UPSIDE provides a low-risk
  • investment strategy especially as Trinity Commons at Erwin features unparalleled amenities and a superior location adjacent to Duke Medical Center to command rent premiums beyond $150-200 achieved elsewhere within the submarket.
  • DIFFICULT TO REPLICATE building quality and amenities. with ample private parking differentiates Trinity Common at Erwin and strengthens the opportunity to generate rent premiums with valueadd
  • implementation.
  • ROBUST DEMAND driven by a highly affluent post-graduate and graduate population combined with the lack of luxury, Class A communities in the “West Campus” micro-market offers investors an immediate foothold within the Duke ecosystem.
  • HIGH-WAGE EMPLOYMENT growth in the science, technology, education and medical sectors of the Durham-Chapel Hill MSA positions Trinity Commons at Erwin at the center of an expanding pool
  • of residents seeking luxury communities.
  • DURHAM’S RESILIENCE due to relatively low population density and high levels of educational attainment has been judged by economists as one of the best cities in the nation to provide quality
  • jobs post-COVID.
  • *Recent leases account for the last two leases signed per floorplan at the Property.
  • This comparison excludes short term and MTM leases
Last Updated Date: 30 Sep 2020
Jeff Glenn
Jeff Glenn
Managing Director, Capital Markets
License details
NC-136508
Andrea Howard
Andrea Howard
Managing Director, Capital Markets

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Last Updated Date: 30 Sep 2020

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