Mountain Real Estate Capital, the Charlotte firm that recently bought the debt on the Ramblewood subdivision in Raleigh, has purchased the remaining undeveloped land in the Brightleaf in the Park subdivision in Durham.
Mountain acquired the property from SunTrust Bank for $8.5 million, according to Durham County property records. SunTrust foreclosed on the property last.
The property includes about 900 single-family and townhouse lots, according to a Mountain release announcing the acquisition. In total, the Brightleaf development has 2,100 lots.
The company closed on the property back in December.
Mountain's partner on the project is Raleigh-based L Star Development, which specializes in acquiring distressed debt.
"This is a great acquisition for our firms, as well as for the current and future homebuilders and residents of Brightleaf," said Arthur Nevid, MREC's chief investment officer, in a release. "The acquisition now brings financial stability to the community which will jumpstart the remaining sales program."
Mountain hasn't said what its plans are for the Ramblewood property near Raleigh's North Hills mall.
The Kane Realty entity that developed the property, Ramblewood 2005 LLC, owns about three dozen lots and a handful of condominiums in the development, which sits on the south side of the Beltline just off Six Forks Road.
Kane was in default on nearly $26 million in loans when Mountain acquired the debt from BB&T.