In February 2025, 13th Floor Investments acquired The Belmont in Durham, North Carolina. Built in 1998, the property spans over 20 acres and is within walking distance of Duke University and Duke Medical Center—North Carolina’s second-largest employer. Its prime location attracts a steady tenant base, including nurses, lab workers, Duke employees, and graduate students, contributing to consistently low vacancies. The Belmont’s 312 units are all in classic condition, while newer assets in the market command significantly higher rents, presenting a compelling value-add opportunity. This acquisition allows us to secure in-fill real estate below replacement cost, with the potential to realize strong rent premiums through unit renovations.