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Connor Group Pays $26M for 5th Acquisition in N.C. Market

Connor Group Pays $26M for 5th Acquisition in N.C. Market

by Adriana Pop, Associate Editor The Connor Group purchased Autumn Woods Apartments, a 236-unit luxury community located in Carrboro, for $26.25 million. The Ohio-based real estate investment firm bought the property from Fairfield Autumn Woods LLC of San Diego. The community sits on 14 acres and was built in 1997. The Triangle…

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Red Hat Subleases Headquarters Space from Progress Energy

Red Hat Subleases Headquarters Space from Progress Energy

by Adriana Pop, Associate Editor Red Hat plans to move its headquarters from North Carolina State University to a new 19-story, 365,000-square-foot,  hi-rise downtown. Red Hat will be subleasing the space from Progress Energy. The lease contract amounts to about $86.68 million, not including concessions, over the next 23 years., the Triangle Business Journal reports. The new building,…

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Three New Student Housing Complexes to Open Near N.C. State University

Three New Student Housing Complexes to Open Near N.C. State University

by Adriana Pop, Associate Editor Construction of three new luxury student complexes is underway near North Carolina State University in Raleigh, N.C. Slated to open simultaneously this summer, the three developments will offer a total of 1,770 off-campus bedrooms, the NewsObserver reports. In spite of the growing concern over the cost of…

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ECI Purchases Apex Site to Develop 300-Unit Apartment Complex

ECI Purchases Apex Site to Develop 300-Unit Apartment Complex

by Adriana Pop, Associate Editor Georgia-based ECI Group Inc. plans to develop the Columns at Broadstone, a 300-unit multifamily apartment complex in Apex. The NewsObserver reports that the company paid $2.2 million for a 19-acre site just off U.S. 1, near its intersection with E. Williams Street. ECI Group acquired the…

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Beech Lake Apartments in Durham Sells for $19.7M

Beech Lake Apartments in Durham Sells for $19.7M

by Adriana Pop, Associate Editor Palatine Capital Partners Management LLC has sold the 345-unit Beech Lake multifamily community located in Durham for $19,700,000. Westdale Properties and Lubert-Adler acquired the apartment complex. The transaction closed on Dec. 24, 2011. Apartment Realty Advisors [...]…

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Chapel Hill Approves New Downtown Apartment Complex

Chapel Hill Approves New Downtown Apartment Complex

by Adriana Pop, Associate Editor The Town Council in Chapel Hill unanimously approved the construction of Shortbread Lofts, an 85-unit apartment complex on West Rosemary Street. The development takes advantage of the strength of the Chapel Hill apartment market, which is experiencing [...]…

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Crescent Resources to Develop $47M Apartment Community in Durham

Crescent Resources to Develop $47M Apartment Community in Durham

by Adriana Pop, Associate Editor Crescent Resources LLC recently broke ground on Circle Ninth Street, a $47 million Circle-branded multifamily community in Durham. The 303-unit apartment project is designed to meet LEED certification requirements from the U.S. Green Building Council. Part of [...]…

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City Plans to Reconvert Dorothea Dix Campus to Urban Park

City Plans to Reconvert Dorothea Dix Campus to Urban Park

By Adriana Pop, Associate Editor Gov. Beverly Perdue intends to reconvert the site of the former Dorothea Dix psychiatric hospital into a public park. The state Department of Administration will then need to find a solution to move the 1,300 state [...]…

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Landmark Group Obtains on $9.5 Million Tax Credit Financing

Landmark Group Obtains on $9.5 Million Tax Credit Financing

by Adriana Pop, Associate Editor WNC & Associates, Inc., a nationwide investment firm specializing in urban renewal and affordable housing projects, provided $9.5 million in Low Income Housing Tax Credit (LIHTC) financing to the Landmark Group for the redevelopment of a [...]…

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More Green Upgrades Coming to the Raleigh Convention Center

More Green Upgrades Coming to the Raleigh Convention Center

By Liviu Oltean, Associate Editor The Raleigh Convention Center is set to receive more green upgrades as the installation of a 500-kilowatt solar energy system is currently being prepared. Upon completion, 60 percent of the center’s roof will be covered with [...]…

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Lockton Renews Lease with Highwoods

Lockton Renews Lease with Highwoods

By Liviu Oltean, Associate Editor Lockton Inc. is renewing the lease with the Raleigh-based Highwoods Properties for the Country Club Plaza Valencia Place in Kansas City. The renewal will extend the company’s commitment until February 2030. Lockton Inc. is leasing about 170,000 square [...]…

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Archon Group Acquires Six Office Properties in the Triangle Area

Archon Group Acquires Six Office Properties in the Triangle Area

By Liviu Oltean, Associate Editor Duke Realty Corp. recently sold six office properties for $44 million to Archon Group of Irving, Texas, a real estate investment arm of Goldman Sachs. The buildings, located in Raleigh and Cary, had been acquired or developed [...]…

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