Fund III

Keystone 100

Durham,

NC

Total Required Equity
$2,000,000
Asset type
Office
Investment Objective
Value Add
Investment Date
March 2017
Realized IRR
11.9%
Realized Multiple
1.72x

Investment Summary

Keystone 100 was a Class A, two-story office property built in 2000, one of three office assets comprising the Keystone Office Park. The asset was located within the Raleigh-Durham market and benefitted from close proximity to Research Triangle Park, one of the largest research parks in the world, and exceptional connectivity to major highways. Our business plan was to complete a renovation of the lobby, common areas and fitness center in order to drive leasing in a market that averaged a higher than 93% occupancy rate. Despite the shift in demand for office space due to the COVID-19 pandemic, Keystone 100 was sold in March of of 2022 at a price 25% higher than its acquisition value.

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