Apartments worth $706.7 million sold
Published: Mon, Apr. 14, 2008 12:30AM
Modified Mon, Apr. 14, 2008 05:27AM
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closeRALEIGH -- Emboldened by rising demand and rents, investors continued to plunge cash into Triangle apartments during the first quarter.
At least $706.7 million in Triangle apartment communities were traded during the first three months of the year, according to CB Richard Ellis data.
The total, which comes close to topping last year's full-year total, was boosted by the $218 million purchase of 11 properties by a joint venture of DRA Advisors of New York and Steven D. Bell & Co. of Greensboro.
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They were part of a sliver of a $1.9 billion deal, including 86 apartment properties in 12 states.
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