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 year.
The property includes about 900 single-family and townhouse lots, according to a Mountain release announcing the acquisition.
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.