The owner of the Briarcliff apartments in Cary has handed the property back over to its lender to avoid foreclosure.

The 248-unit apartment complex was bought by 3955 E. Charleston BLVD LLC in 2006 for $11.5 million.

The LLC, which has a mailing address in Las Vegas, borrowed $7.7 million from CapMark Financial.

CapMark took back the property on Monday for $6 million, according to property records.

Briarcliff is located next to Briarcliff Elementary School near the intersection of SW Maynard Road and Kildaire Farm Road.

The two- and three-bedroom garden apartments are spread over 18 areas.