Timberlyne Village, 144 units in Chapel Hill, NC, was acquired in November 2013. The asset was immediately re-branded as “86 North” and will undergo a modest renovation to address any deferred maintenance concerns and to position it as a long term hold. The community is situated near the intersection of Weaver Dairy Road and MKL Boulevard (also known as Airport Road and Highway 86), and is approximately 1.5 miles from the UNC-Chapel Hill “Carolina North” campus. This transaction marks the first sale of the asset since it was built in 1986.