Two Raleigh affordable housing complexes sell for $11.25M
A New Jersey-based developer has acquired the Raleigh North and Millbank Court affordable housing complexes just northeast of downtown for $11.25 million, according to Wake County property records.
Treetop Development bought the communities from GHC Housing Partners, a California company that focuses on affordable housing. GHC paid $6.8 million for the two properties in 2005.
Raleigh North has 150 units; Millbank Court has 80.
The two properties sit on opposite sides of N. Raleigh Boulevard near Lions Park.
Treetop did not immediately return a phone call seeking comment on the purchase.
The company focuses on renovating and redeveloping market rate and subsidized apartment buildings in urban centers throughout the New York metro area, according to its website. The company has done projects in New York, Pennsylvania and New Jersey.
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This story was originally published April 9, 2015 at 2:34 PM with the headline "Two Raleigh affordable housing complexes sell for $11.25M."