Blue Ocean, in partnership with Range Summit Capital, has acquired a 122-unit residential community in Durham, NC. Rebranded as TRELLIS Durham RTP, the property's strategic location offers residents easy access to Research Triangle Park and key downtown areas. This marks Blue Ocean's 7th TRELLIS acquisition since 2021, showcasing their commitment to growth and community enhancement.
DURHAM, N.C., Aug. 16, 2023 /PRNewswire-PRWeb/ -- Blue Ocean, the Maryland-based real estate investment firm, has continued its Sunbelt expansion into the Raleigh/Durham MSA with its latest acquisition. The company, in partnership with Range Summit Capital acquired a 122-unit residential community in the City of Durham, North Carolina on August 10th. The community was built in 1990 and will be re-positioned and re-branded under the Company's high-end "TRELLIS" brand, known as TRELLIS Durham RTP.
The garden-style community is situated on ~23 acres, located only 1.5 miles from the world-renowned Research Triangle Park (RTP) which is the largest research park in the United States and a premier global innovation center with over 22.5 million square feet of space. RTP is host to internationally recognized firms including Apple, Biogen, Cisco Systems, IBM, GlaxoSmithKline, Duke University and Lenovo. In total RTP contains over 375 established and start-up companies along with 60,000+ employees. Residents of TRELLIS Durham RTP will be able to easily access Downtown Durham (15-minute drive) as well as Downtown Raleigh (25-minute drive) connecting them to virtually every major employment and lifestyle destination in one of the fastest growing MSA's in the Country.
This acquisition marks the 7th TRELLIS location for the company since 2021 and its 2nd location in
the State of North Carolina. Ian Scullion, VP of Investments for Blue Ocean stated "We've been incredibly fortunate to grow our TRELLIS brand across the country and to be able to plant our flag here is a great achievement. Our Team is looking forward to enhancing this community and the surrounding neighborhood over the coming years. We're excited to get started."
About Blue Ocean Investments:
Founded in 2004, Blue Ocean is a real estate investment firm, headquartered in Owings Mills, Maryland. The company is active in a variety of sectors within the real estate industry including Multifamily, industrial, hospitality and self-storage sectors. The current portfolio spans the Sun Belt, Mid-Atlantic and the Mid-West. http://www.blueocean.com
About Range Summit Capital:
Founded in 2017, Range Summit Capital is an equity investment firm based in Denver, Colorado. Range's strategy is focused on opportunistic investments in middle-market real estate assets. Range provides structured equity investments – both preferred and joint venture equity – to real estate sponsors nationwide and across all major asset classes.
http://www.rangesummit.com
Media Contact
Monica Kolbay, Blue Ocean, 240-285-9844, monica@arachnidworks.com
SOURCE Blue Ocean
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