Triangle apartment sales may top $500 million this year as investors' appetite for the properties is showing no signs of waning.
A Virginia real estate company has bought the Apartments of Stonehenge in North Raleigh for $35 million, according to Wake County property records.
Robinson Development Group of Norfolk bought the 452-unit complex from Stonehenge Associates LLC.
The price works out to about $77,000 per unit for a complex.
The apartments, built in 1994, are located just off Creedmoor Road in between Lynn and Strickland roads.
Triangle apartment communities have been about the only commercial real estate changing hands this year.
Investors are flocking to apartments, which offer steady income and are expected to bounce back quicker than some other types of assets.
The apartment vacancy rate in the Triangle was 6.7 percent in September, compared to 9.5 percent a year ago, according to the Triangle Apartment Association and Karnes Research.
Average rents were $821 a month, up $23 from the average reported a year ago.
A total of $488 million in Triangle apartments have sold thus far this year, according to Apartment REP, a Raleigh real estate firm.
That's well above the roughly $280 million in apartment deals that were completed all of last year.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or 
