Beech Lake

Durham, NC

Date Acquired: September, 2009
Purchase Price:$15,600,000
Date Sold: December 2011
Sales Price: $19,700,000
Location: Durham, NC
Leveraged: IRR : 21%

Somerset purchased this 345 Unit asset, in September 2009 from AIMCO.  This property, built in the late 1980’s benefits from an excellent location along University Drive in Durham.  Somerset implemented an exterior capital improvement program to update this asset including new roofs, renovated clubhouse, upgrade landscaping, signage and other amenities.