The buildings formerly known as University Apartments on Chapel Hill Road in Durham have been sold to a group from Alabama that specializes in student housing. Their plans are to renovate and upgrade the property to add value to the $3.3 million they paid for the property in May of 2009. However, residents and the community are meeting the effort with opposition because the increased rents will force many of the people to move. While the displacement of tenants is unfortunate lets hope the new owner is able to do what they want, with the property THEY OWN, without much interference.
Thursday, July 9, 2009
The Triangle Commercial Association of Realtors has line up George Ratiu for the July showcase. He will be speaking about the current state of the commercial real estate market and give us his economic outlook for the industry. The event will be July 23rd in Cary. For more information click here.