CBRE Facilitates Sale of 7.79 Acres for Next Phase of Avalon Oakridge Development

CBRE facilitated the sale of 7.79 acres at 4802 Durham-Chapel Hill Boulevard in Durham, North Carolina, to AvalonBay Communities. The land is slated for phases 2 and 3 of the multi-phased purchase between Beacon Properties Group and AvalonBay to develop Avalon Oakridge, a 930-unit highly amenitized apartment community. CBRE’s Chester Allen, Howard Jenkins and Tiffany Hilburn represented the seller in the transaction.

“It has been a pleasure to, again, work with AvalonBay as a buyer and multifamily partner,” says Edward Lammas, partner at Beacon Properties Group. “This is our second land sale to AvalonBay, at our Oakridge masterplan, and is not only a testament to their capabilities as a land buyer but also clearly conveys AVB’s commitment to this submarket and region.”

“We are excited about AvalonBay’s continued investment into our broader residential market, which is another great testament to the strength, durability and growth prospects for our RDU ecosystem," said Howard Jenkins, head of multifamily investment sales in RDU at CBRE. "As a best-in-class developer and operator, future residents will benefit from AvalonBay’s premium living experience."

Avalon Oakridge is a new mid-rise wrap community, with phase 1 featuring 459 apartment units that average 932 square feet. The community is centrally located with easy access to Research Triangle Park, UNC-Chapel Hill, Duke University and Downtown Durham. Planned amenities for the community include an indoor/outdoor fitness center, resort-style swimming pool, outdoor courtyards with grilling areas, resident lounge with co-working spaces and individual pods, a “pet spa” with a dog-washing station, and on-site bike storage.

“AvalonBay is excited to work with CBRE on this deal as we continue developing and investing in North Carolina,” said Liz Smith, senior vice president of development at AvalonBay Communities. “Avalon Oakridge represents our first ground-up development in the Triangle, and as a long-term owner and operator, we are thrilled to plant deep roots in Durham.”

Phase 1 broke ground earlier this year, with move-ins anticipated for fall 2026. AvalonBay has not yet announced the timeline for phases 2 and 3, which will include the remaining 471 apartment units.

"AvalonBay understands the future growth of our market and will undoubtedly deliver one of the most sought-after apartment developments in the region,” said Chester Allen, executive vice president of land services at CBRE.