A partnership that invests in distressed for sale residential real estate projects has snatched up a 113-lot townhome development in Cary.
The project is part of Stonewater, a 250-acre community near the Wake and Chatham counties line that has been in the works for more than three years.
Grosvenor Residential Investment Partners and Key Real Estate Equity, an affiliate of Key Bank, financed the deal with Grosvenor borrowing $3.4 million to buy the sites and complete remaining site improvements.
Grosvenor will partner with Hopper Communities of Charlotte for those site improvements.
Grosvenor is an international group of property businesses whose real estate investment management group is based in Philadelphia.
In a statement, John Gaghan, director of that group, said the deal was a "great opportunity to acquire a property in an established community that is located within one of the nation's most thriving markets."
Mary Cornatzer has worked at The News & Observer for more than 25 years, covering the local music industry, state movie industry and travel. She has been the paper's Business editor since 2000. Contact Mary at 919-829-4755 or 
