A Houston real estate investment trust has bought the Asbury Village apartments in West Raleigh for $44.2 million, according to Wake County property records.
Camden Property Trust bought the 350-unit complex from Boston Capital Real Estate Partners. Asbury Village, built in 2008, is just east of Interstate 40.
The complex is 94 percent leased, according to data from the Triangle Apartment Association and Karnes Research.
Nearly $900 million worth of apartment transactions were completed last year, and investor interest in the sector shows no signs of abating.
Earlier this month an Alabama real estate investment trust, Colonial Properties Trust, purchased the Highlands at Brier Creek Village apartment complex in Raleigh for $45 million.
The valuations reflect the fact that Triangle apartment rents are growing at a rate that is attractive in the current low interest rate environment.
The average monthly rate in September for a three-bedroom apartment was $1,049 - up $22 from a year ago.
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Progress Energy and Duke Energy this afternoon made their third -- and most expensive -- merger proposal in a bid to win approval from regulators in Raleigh and in Washington. The two power companies proposed building up to $150 million in transmission lines, including upgrades in the Triangle, in order to expand competition in the Carolinas between wholesale electricity producers. Keep up with the latest business stories with our free e-mail newsletter, delivered straight to your inbox!
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