Durham, N.C. — Washington-based Federal Capital Partners has purchased the Level 51 Ten Apartments in Durham for $24.6 million, according to the Triangle Business Journal.
FCP acquired the 242-unit apartment community, built in 2003, from Blue Vista Capital Management.
Chicago-based Blue Vista purchased the complex in 2012 for $19.3 million, according to the Triangle Business Journal.
Phil Brosseau, Kevin Kempf, Jeff Glenn and Jaclyn Fitts of CBRE represented Blue Vista in the transaction.
According to CBRE, effective rent rates in the south Durham submarket over the past five years have increased 20 percent.