Residences at Marnes

A four-unit multifamily building in Durham.

A four-unit building from 1984 is not a development project. It is held and operated rather than built, which puts it in the same part of the portfolio as Corona Apartments: small infill multifamily, in the market the firm calls home base.

It is the oldest building in the portfolio and the least eventful of the four. It sits in Durham, where the firm is based and where its next multifamily project is working through approvals, so it is held by people who are in that market anyway rather than reviewed from another state. A portfolio needs assets that simply hold while the attention goes elsewhere.