Largest Single Sale in Pickett Sprouse Commercial Real Estate History
Durham, NC, June 24, 2026 – A prominent 12.6-acre property along Hillsborough Road in Durham has been sold for $19 million and will be redeveloped into a 440-unit residential community, helping bring much-needed housing to one of North Carolina's fastest-growing cities. The property, located at 3438, 3454 and 3460 Hillsborough Road, sits across from the Harris Teeter shopping center near the intersection of I-85 and U.S. 15-501. The transaction was facilitated by Pickett Sprouse Commercial Real Estate broker Vernon Averett, CCIM, and marks the largest single sale in the firm's history. Averett represented the sellers, the Couch family and Patel family, in yesterday’s sale.
The buyer, JPI Real Estate Development, plans to develop a multifamily community featuring 398 apartments and 42 townhomes. The project will include a mix of market-rate and affordable housing units and is designed to complement the surrounding neighborhood while helping address Durham's growing demand for housing.
The site currently includes two hotels and a former big-box retail building, all of which are expected to be demolished as part of the redevelopment. The plan for the property builds upon years of planning and collaboration between developers and neighborhood stakeholders to create a project that addresses Durham's growing housing needs while remaining sensitive to the surrounding community.
“One of the things that helped make this redevelopment possible was the willingness of everyone involved to work together,” said Averett. “The original development team spent significant time listening to the Watts-Hillandale neighborhood association and incorporating its feedback into the plan. When JPI stepped in and took over the project, they remained committed to preserving the elements that were most important to the community. That collaboration helped create a development plan that brings much-needed housing to Durham while respecting the character of the surrounding neighborhood.”
The project includes townhomes along La Salle Street with a landscaped green space designed to create a transition between the new development and adjacent residential neighborhoods. Averett said the property's location and surrounding amenities made it particularly well-suited for residential development.
“Durham continues to experience tremendous growth, and this site is ideally positioned to help meet the increasing demand for housing,” he said. “With convenient access to employment centers, shopping, healthcare and higher education, it offers the kind of location that appeals to a wide range of residents, including professionals working at Duke University and Duke Health.”
The sale concludes a lengthy process that made it the longest-running deal of Averett's 43-year commercial real estate career.
“Vernon's dedication to this property and commitment to his clients never wavered throughout a process that lasted more than five years,” said Bert Woodall, Broker and Co-Owner at Pickett Sprouse Commercial Real Estate. “He remained focused on helping the sellers achieve the best possible outcome while navigating changes in the market and development team along the way. His perseverance ultimately resulted in the largest single sale in our firm's history and transformed a long-underutilized property into a site that will help address Durham's housing needs for years to come.”