Trinity Commons at Erwin has exhibited impressive operational performance generating 4.6% annual effective rent growth since 2017. More recently, the Property has proven resilient amidst a global pandemic sustaining 3.98% organic rent growth over the last 60 leases compared to in-place rents. To meet the growing interior finish-level and amenity expectations demonstrated by the discerning Durham renter base, the Property offers investors compelling value-add upside with a low-risk investment strategy. Newer and recently renovated midrise properties in the submarket are achieving average rent premiums of $160 across studio, 1 and 2-bedroom units, while new high-rise product is achieving rent premiums north of $500, leaving considerable spread for the next owner to close the rent gap.
- PROPERTY LEVEL RENT GROWTH of 4.6% annually since July 2017 has established a sustainable trend as recent leases are up 3.24% over in-place*.
- COVETED WALKABILITY to Duke University’s West Campus and the highest concentration of healthcare employment in Durham: also known as “The City of Medicine” due to its depth of life-science and
- medical employment.
- COMPELLING VALUE-ADD UPSIDE provides a low-risk
- investment strategy especially as Trinity Commons at Erwin features unparalleled amenities and a superior location adjacent to Duke Medical Center to command rent premiums beyond $150-200 achieved elsewhere within the submarket.
- DIFFICULT TO REPLICATE building quality and amenities. with ample private parking differentiates Trinity Common at Erwin and strengthens the opportunity to generate rent premiums with valueadd
- ROBUST DEMAND driven by a highly affluent post-graduate and graduate population combined with the lack of luxury, Class A communities in the “West Campus” micro-market offers investors an immediate foothold within the Duke ecosystem.
- HIGH-WAGE EMPLOYMENT growth in the science, technology, education and medical sectors of the Durham-Chapel Hill MSA positions Trinity Commons at Erwin at the center of an expanding pool
- of residents seeking luxury communities.
- DURHAM’S RESILIENCE due to relatively low population density and high levels of educational attainment has been judged by economists as one of the best cities in the nation to provide quality
- jobs post-COVID.
- *Recent leases account for the last two leases signed per floorplan at the Property.
- This comparison excludes short term and MTM leases