Chicago investor buys North Raleigh apartments for $24.5 million

A Chicago investor, Redwood Capital Group, has acquired The Landings garden apartments in North Raleigh for $24.5 million, according to Wake County property records.

Redwood acquired the 192-unit property from Santa Barbara, Calif.-based NALS Apartment Homes, which paid $17.4 million for the apartments in 2005.

Redwood owns and operates 27 apartment in the U.S. The company has six properties in North Carolina, including the Alden Place, Lenox at Patterson Place and Beech Lake properties in Durham and the Brentmoor apartments in Raleigh.

The Triangle continues to be one of the better performing apartment markets in the country. The average rent for a two-bedroom apartment 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.