DEAL OF THE DAY: Foreclosed Failed Condo Conversion Sells for Over $12M
- May 12, 2008
By Anuradha Kher, Online News EditorRaleigh, N.C.–Sperry Van Ness has completed the sale of Polo Run Apartments (formerly known as Frenchwood Pointe Apartments), a 278-unit apartment community, to New York-based Polo Run LLC for $12,232,000.The property, which foreclosed in January of this year, was a failed condo conversion located at 1822 Generation Dr. in Raleigh, N.C., near Crabtree Valley Mall, Interstate 440 and North Hills Park.Jeffrey Gorodensky of Sperry Van Ness/FG Commercial Real Estate Services in Lodi, N.J. represented the buyer as well as the seller. According to Gorodensky, the new owner plans on completely rehabilitating the property and running it as apartments.Built in 1973, the community is situated on 28.32 acres of land and was 55 percent occupied at the close of escrow. Polo Run features a clubhouse, a swimming pool, tennis and basketball courts, and walking paths.