Kane Realty is partnering with Federal Capital Partners to build a 400-unit apartment complex in the Ramblewood neighborhood near North Hills.

The project, which involves tearing down the 1960s-era Lantern Square apartment complex, is expected to begin construction in the third quarter of this year, the companies announced Friday.

The deal represents a family reunion of sorts for the Kane family, as one of North Hills developer John Kane's son, Bryan Kane, heads up FCP's Triangle office.

It also marks FCP's fourth investment in the Triangle over the past 14 months. Late last year the Washington-based firm paid $35.25 million for the first phase of the West Village development in downtown Durham.

Federal Capital Partners announced today its purchase of the first phase of the West Village development in downtown Durham.

The purchase includes 241 apartments and 10,000 square feet of retail and parking.

FCP purchased the property for $35.25 million, which is considerably more than the News & Observer reported Tuesday in an article. The deed filed with Durham County shows a purchase price of $18.125 million, but that number is incorrect, an FCP spokeswoman said today.

FCP's partner in the deal is Greensboro-based Bell Partners.

West Village was developed by Duke basketball stars Christian Laettner and Brian Davis. Laettner and Davis' company, Blue Devil Ventures, led a $170 million revitalization effort in Durham that converted an abandoned tobacco factory into a mix of restaurants, offices and apartments.

The two have since run into financial trouble, and owe millions to creditors.

West Village has continued to thrive despite Laettner and Davis' financial woes. Nearly all of the 453 apartments are occupied, and much of the 140,000 square feet of commercial space is leased.

Federal Capital Partners and Grubb Properties announced today a $42 million joint venture investment in two apartment communities in Raleigh and Chapel Hill.

The venture includes the Riverwoods apartments on Six Forks Road in Raleigh and the Glen Lennox apartment community on Hamilton Road in Chapel Hill.

In October, Grubb and FCP paid a little over $10 million for Riverwoods, a 174-unit complex. The joint venture plans to invest additional capital into the property and rename it Sterling Forest Apartments.

Glen Lennox includes 440 one-story apartments spread over 69 acres.
 

Federal Capital Partners and Grubb Properties announced today a $42 million joint venture investment in two apartment communities in Raleigh and Chapel Hill. 

The venture includes the Riverwoods apartments on Six Forks Road in Raleigh and the Glen Lennox apartment community on Hamilton Road in Chapel Hill.

In October, Grubb and FCP paid a little over $10 million for Riverwoods, a 174-unit complex.

The joint venture plans to invest additional capital into the property and rename it Sterling Forest Apartments.

Glen Lennox includes 440 one-story apartments spread over 69 acres.