Lakeview is a dynamic multi-phase, mixed-use redevelopment project situated directly across from Duke University’s Medical Research & Laboratory Complex, within walking distance to the main entrance of the world-renowned Duke University Medical Center, Duke University and the VA Hospital.
In 1999, Anthony Property Group acquired and redeveloped this strategic site at 2608 Erwin Road, formerly owned by the Methodist Retirement Home of North Carolina. After two phases of fundraising with friends and family, the 18.5 acres was acquired with recourse debt from Wachovia Bank. Pavilion East, the mixed-use building, was built with $10mm in equity raised and a $25mm loan from Wachovia. The Durham office of Colliers sourced the opportunity off market. APG’s deep Duke University connections were vital to the lease up and the sale of the condos. To develop this property, numerous existing functionally obsolete buildings had to be removed from the site before construction.
As both owner and developer, APG handled all of the entitlements including rezoning for high density mixed-use, site plan approvals based on construction and master planning. APG partnered with The Hanover Company of Texas for the development of The Lofts at Lakeview, a 352 luxury rental apartment community now owned by Sentinel Real Estate.
Just east of the property is Trinity Commons, a luxury rental apartment community owned by Northwestern Mutual Life. Anthony Property Group ran the development process from vision through completion. Key partners included Hanover Development, Northwood Ravin, Northwestern Mutual Life, Duke University, local tenants and national tenants. The Lakeview / Pavilion East project was completed in 2008, fully leased, and sold to Ram Realty.