Opportunities Submitted

Company Name109 Units in Durham NC
Contact NameCamiren Dalrymple
Contact EmailEmail hidden; Javascript is required.
Contact Phone(574) 485-3371
Opportunity Name109 Units in Durham, Nc
Location of Business110 Corcoran St, Durham, NC 27701
When was the business started?2019
What is the business most known for?Luxury High Rise Community in Downtown
Who is/are owner/owners?Privately Hel
Why sell the business?

ONE OF A KIND, INTEGRATED MIXED-USE TOWER
Residents of ONE CITY CENTER’s fourteen apartment levels share ground-floor access to more than 22,000 square feet
of street-level retail with a variety of shopping and dining options, ranging from an urban grocer to fast casual options.
The developers further enhanced the city retail experience by preserving the fronts of numerous historical buildings
facing Parrish and Main Streets in keeping with the architectural character of its ground level surroundings.
Office floors 2-5 house more than 130,000 square feet of Class A office space in the heart of downtown providing a
unique opportunity to live, work, and play under one roof. Notable tenants include Duke University (55,000 sq.ft.) and
WeWork (62,000 sq.ft.).

Floors 21-27 are dedicated to owner-occupied condominiums that have established new pricing benchmarks in RaleighDurham and share residential amenities. The developers and architects put considerable effort into the design of each
component of the building such that each use is synergistic yet independent.

THE INCOMING GOOGLE CLOUD HUB
Downtown Durham’s Second Tidal Wave of
Investment will “Lift all Boats”
Google Cloud’s Engineering hub will undoubtedly transform Downtown Durham with the
addition of nearly 1,000 employees by 2023 and plans to employ nearly 3,000 in the
region thereafter. Average salaries for engineers will likely range between $163,000 to
$176,000, according to data from GlassDoor. This equates to a healthy maximum monthly
rent payment between $4,075 - $4,400.

Are you looking to recapitalize the business by selling a majority stake to aggressively take the business to next level?Complete Sell
Who will remain on the ownership level?N/A
Is the owner(s) planning to stay around? If so, what is their thinking?

No

What is the maturity level of the business?Post Revenue and Profitable
EBITDA or Profit for same periodsee attached
Trailing 12 Month Revenuesee attached
Trailing 12 Month EBITAsee attached
Any significant debt on the business?no
Why did the business start?

Downtown Durham has been dubbed, “North Carolina’s hippest city” by Vogue Magazine, largely due to its homegrown
foodie scene with four James Beard award semifinalists, large-scale adaptive reuse projects such as American Tobacco
Campus, and student-driven entrepreneurial culture from neighboring Duke University. This quintessential “Bull City” culture
has attracted significant investment from groups such as Google, who is building a 1,000-employee Tech Hub at Durham.ID;
GlaxoSmithKline, who is relocating 650 employees to Downtown’s American Tobacco Campus; and Longfellow Real Estate
Partners, who is constructing a multi-phase, 1.7 million square foot innovation district in Downtown Durham.
In summary, ONE CITY CENTER is an irreplaceable luxury community in a top real estate investment market (#2 Real Estate
Market to Watch, ULI 2022). The Property is poised for long-term income growth alongside Downtown Durham’s meteoric rise.

Why did the business start?

Downtown Durham has been dubbed, “North Carolina’s hippest city” by Vogue Magazine, largely due to its homegrown
foodie scene with four James Beard award semifinalists, large-scale adaptive reuse projects such as American Tobacco
Campus, and student-driven entrepreneurial culture from neighboring Duke University. This quintessential “Bull City” culture
has attracted significant investment from groups such as Google, who is building a 1,000-employee Tech Hub at Durham.ID;
GlaxoSmithKline, who is relocating 650 employees to Downtown’s American Tobacco Campus; and Longfellow Real Estate
Partners, who is constructing a multi-phase, 1.7 million square foot innovation district in Downtown Durham.
In summary, ONE CITY CENTER is an irreplaceable luxury community in a top real estate investment market (#2 Real Estate
Market to Watch, ULI 2022). The Property is poised for long-term income growth alongside Downtown Durham’s meteoric rise.

How did business get to where it is at?

LANDMARK STATUS,
GENERATIONAL ASSET
Upon arrival, ONE CITY CENTER exceeds expectations. It
prominently towers 28 stories above the Durham skyline
announcing with its modern glass facade that this is a
place of luxury.
Unsurpassed rooftop retreats on the 6th and 28th floors
offer residents city panoramas and a private oasis in the
sky replete with rooftop pool, clubroom, firepits, a dog
park, and an extensive greenway and terrace.
LUXURY AMENITIES:

Rooftop pool with hot tub and views
of Downtown Durham

Resident rooftop lounge and kitchen

State-of-the-art fitness center

6th floor resident park with seating
areas, grilling area, and fire pit

Private dog park

Secure parking deck

Aggregations or Organic growth?

growth

Any tailwinds or headwinds facing business/sector?

location

Sector insights from owner and what the opportunity going forward with new owner might look like?

location

What is the unique story of business -- how is it different then their competition –what makes them better/worse?

14 | INVESTMENT HIGHLIGHTS
ONE CITY CENTER's residential units start on the
6th floor, well above where most mid-rise properties
top-out. Residents enjoy stunning views, enhanced
by expansive 9'-11' ceilings with full-height windows
and open contemporary floorplans. There is no
other community in the Triangle that can match the
experience of a sunset at ONE CITY CENTER.
NOTABLE UNIT FEATURES:

Floor-to-ceiling glass windows

9’ - 11’ ceilings

Stainless steel appliances

Custom quartz countertops

White subway tile backsplash

Expansive, modern floorplans

Spacious, oversized balconies

Stunning skyline and treetop views

Provide any additional notes, information or data that supports this opportunity

109 Units in Durham, Nc

Address:

110 Corcoran St, Durham, NC 27701

Asking Price:

$57,770,000 + 2% fee

Year Built: 2019

Occupancy: 98.2%

One City Center is a 109 unit luxury high rise community completed in 2019. Located in Downtown Durham’s most coveted and walkable location, qualifying as a “Walker’s Paradise” (according to WalkScore’s 94/100 rating), the 28 story mixed use tower includes 22,000+ sq.ft. of retail on the ground floor to connect with the pedestrian friendly, urban setting 130,195 sq.ft. of office space on the ground floor to connect with the pedestrian friendly, urban setting 109 unparalleled multifamily rental units with skyline views 30 owner occupied condos that have established new pricing benchmarks in the Triangle 28th story amenity space including rooftop pool and clubhouse overlooking Downtown Durham

Info Covering the property

https://www.dropbox.com/sh/3y2ehxodbh1v02k/AAAvRyXDroKLxBE3bj_75fh0a?_hsenc=p2ANqtz-8z882vKlrs73ZiN62qCdqQq5zYXMpVG-l_XEtPjf9CrewySWAwZJ5GeY2_q7IeIRByvkL98fHBgnBVwof-fdKBYI8dD2778NvLeNTNDrIEQrz85rs&_hsmi=217459006&dl=0&preview=DURHAM%2C+NC+(S)+OM+One+City+Center+OM+(1).pdf&utm_content=217459006&utm_medium=email&utm_source=hs_email

Rent Rolls https://www.dropbox.com/sh/3y2ehxodbh1v02k/AAAvRyXDroKLxBE3bj_75fh0a?_hsenc=p2ANqtz-8z882vKlrs73ZiN62qCdqQq5zYXMpVG-l_XEtPjf9CrewySWAwZJ5GeY2_q7IeIRByvkL98fHBgnBVwof-fdKBYI8dD2778NvLeNTNDrIEQrz85rs&_hsmi=217459006&dl=0&preview=DURHAM%2C+NC+RR+OCC_Rent+Roll+12.31.21.xlsx&utm_content=217459006&utm_medium=email&utm_source=hs_email

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https://www.dropbox.com/sh/3y2ehxodbh1v02k/AAAvRyXDroKLxBE3bj_75fh0a?_hsenc=p2ANqtz-8z882vKlrs73ZiN62qCdqQq5zYXMpVG-l_XEtPjf9CrewySWAwZJ5GeY2_q7IeIRByvkL98fHBgnBVwof-fdKBYI8dD2778NvLeNTNDrIEQrz85rs&_hsmi=217459006&dl=0&preview=DURHAM%2C+NC+T12+OCC_T-12_12.31.21.xlsx&utm_content=217459006&utm_medium=email&utm_source=hs_email

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https://www.dropbox.com/sh/3y2ehxodbh1v02k/AAAvRyXDroKLxBE3bj_75fh0a?_hsenc=p2ANqtz-8z882vKlrs73ZiN62qCdqQq5zYXMpVG-l_XEtPjf9CrewySWAwZJ5GeY2_q7IeIRByvkL98fHBgnBVwof-fdKBYI8dD2778NvLeNTNDrIEQrz85rs&_hsmi=217459006&dl=0&preview=DURHAM%2C+NC+TAX+BILL+OCC_2021+tax+bill.pdf&utm_content=217459006&utm_medium=email&utm_source=hs_email

FinancialsDURHAM-NC-RR-OCC_Rent-Roll-12.31.21.xlsx
Date CreatedJanuary 3, 2023
Date UpdatedJanuary 3, 2023