* Actually it's a top 11 list

Grubb Properties outlined these guiding principles for the redevelopment of the Glen Lennox apartment and commercial complex last night at a meeting of the committee drafting Neighborhood Conservation District guidelines:

• 1.     Value history of neighborhood 
• 2.     Preservation of street network
• 3.     Create and maintain open space
• 4.     Preservation of trees
• 5.     Maintain a portion of the buildings
• 6.     Transition and vary density and heights
• 7.     Utilize buffers
• 8.     Preserve church’s visibility and accessibility
• 9.     Effective transportation strategy
• 10.   Sustainability
• 11.   Community diversity

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.
 

From correspondent Sabrina Short

Changes to the Glen Lennox neighborhood near the UNC campus are at least five years out, developer Clay Grubb said at a community visioning workshop Saturday.

“We are going to have to make some changes, but we don’t have to make them tomorrow,” said Grubb, whose company owns the Glen Lenox apartments and shopping center. “We are committed to taking the time that it takes to come up with something that the majority of us think is a win-win.”

Saturday’s session at the Church of the Holy Family Episcopal Parish wrapped a three-day workshop with about 70 residents, Town Council members and three architecture firms helping to develop a future vision for the neighborhood.

The town is crafting a neighborhood conservation district, or set of guidelines designed to protect the character of the neigborhood, which began as a home for soldiers and their families after World War II.

The push for the special zoning protection began after Grubb Properties announced plans to redevelop the cottage-style apartments and shopping center After much opposition, Grubb backed off, publicly apologized and pledged to develop a new plan. 

Riverwoods Apartments, a 174-unit complex off Six Forks Road in North Raleigh, has sold for $10 million, according to Wake County property records.

The buyer was Charlotte-based Grubb Properties.

The seller, HD Riverwoods LLC, bought the property in 2003 for $8.3 million.

Riverwoods was built in 1985.

All but four of its units were occupied in March, according to the Triangle Apartment Association and Karnes Research.

A total of 26 Triangle apartment communities have now sold this year for nearly $440 million, according to Raleigh real estate firm Apartment REP.

In 2009, the volume of deals was just $280 million.