Cary apartment complex sells for $45M

The Tradition at Stonewater apartment complex in Cary has been acquired for $45.63 million by the Chicago-based real estate firm Banner Apartments, according to Wake County property records.

The seller was Jamestown, an Atlanta-based real estate firm.

The 351-unit complex was built in 2008.

Banner is also developing The Lincoln, a 224-unit complex that is now under construction on a two-acre block just east of Moore Square in downtown Raleigh. The $35 million project is scheduled to open in the summer of 2015.

Banner owns and manages more than 7,000 apartment units in the U.S. The Lincoln project is being developed in partnership with two local companies, Hyde Street Holdings and The Florian Companies.