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.
 

Raleigh Charter High School, one of the nation's top-ranked public high schools, has found a new home.

The Raleigh Charter High School Foundation has paid $6.375 million for the United Methodist Office Building at 1307 Glenwood Avenue, according to Wake County property records.

Earlier this year Raleigh Charter said it had narrowed its search to three sites, including the Methodist building.

The school currently leases about 35,000 square feet just north of downtown in the historic Pilot Mill buildings.

That location, hemmed in on two sides by railroad tracks and Capital Boulevard, offers the school limited parking.

Raleigh Charter Principal Tom Humble said the school expects to move to its new location in August after completing renovations of the building.