News

April 2016

McDowell Properties Acquires Woods Edge in Durham, NC

McDowell Properties has completed the acquisition of Woods Edge and Bridges at Southpoint, a 456 unit apartment portfolio located in Durham, NC.  At acquisition, the portfolio’s effective rents trailed the market considerably because the prior owner’s operating focus was only to maintain a high occupancy. The business plan for the portfolio is to be more aggressive than the prior owner and push rents to increase rental income.  This will be achieved through upgrades to the unit interiors and enhancements to the amenities and exteriors which will better position the properties to compete with assets achieving higher rents in the submarket.  McDowell was not the highest offer in terms of price on the portfolio, however McDowell’s strong reputation and capacity to close this transaction sooner than the competition made the seller select McDowell as the buyer.  The location of the assets are desirable and the Durham market is robust.

McDowell Properties is a leading real estate investment company that focuses on the acquisition, management and repositioning of multifamily properties in growth markets throughout the United States. The current portfolio consists of over 13,000 apartment units. The company is based in Dallas and has regional offices in New York, Miami, Raleigh and San Francisco. The senior management team has owned and managed in excess of $7.5BN of real estate in 40 of the top 50 MSAs, with a particular focus on multifamily. McDowell is actively making investments with discretionary capital as well as through joint ventures with institutional investors.

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