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Texas real-estate company buys Cary apartment complex for nearly $74M

Lantower Residential recently bought the Weston Corners Apartments for $73.9 million from Woodfield Development.
Lantower Residential recently bought the Weston Corners Apartments for $73.9 million from Woodfield Development.

A Texas-based real estate investment company has purchased its second apartment complex in the Triangle in the last four months.

Lantower Residential bought the Weston Corners Apartments in Cary from Woodfield Development last month for $73.9 million, according to a news release.

In June, the two companies made another deal worth $76.3 million when Lantower bought the BullHouse Apartments near the Durham Bulls Athletic Park. Lantower also owns the Realm at Patterson Place in southwest Durham.

Weston Corners opened this year off of Weston Road with 308 units. Monthly rents range from $1,095 for a studio to $2,160 for a three-bedroom unit, according to apartments.com.

Wake County tax records show the property has an assessed tax value of $32 million. Woodfield bought the land in 2015 for $4.2 million.

When the deal was announced Oct. 18, Lantower’s chief operating officer, Philippe Lapointe, said the company was expanding into areas that have good job growth and are attractive for corporate relocations.

“The highly-educated employment base, strengthened by three respected universities, facilitate its strong job growth and define it as a leading U.S. market for investment prospects and major corporate relocations,” Lapointe said. “Weston Corner’s location near high profile white-collar employers fulfills our strategy to expand our North Carolina portfolio.”

Weston Corners is within five minutes of SAS Institute and MetLife’s Global Technology Campus and about 10 minutes away from Research Triangle Park.

Lantower Residential, which was founded in 2014 and recently became a $1 billion company, owns 21 multi-family properties in Texas, Florida and North Carolina.

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