North Raleigh apartments sell for $31.9 million

A California investor has paid $31.93 million for the Wakefield Glen apartments in North Raleigh, according to property records.

Irvine-based Passco Property Management acquired the property from The Connor Group of Dayton, Ohio, which paid $25.55 million for the 246-unit complex in September 2008.

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.