A California investor has paid $31.93 million for the Wakefield Glen apartments in North Raleigh, according to property records.
Institutional investors continue to scoop up apartment properties in the Triangle, drawn by the region’s rising rents and low vacancy rates. The average rent for a two-bedroom apartment in the Triangle in September was $935, up 2.6 percent from the same period last year and up 7 percent from two years ago, according to Karnes Research and the Triangle Apartment Association.
The Triangle apartment vacancy in September was 5.9 percent, up four-tenths of a percentage point from the same period last year.
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