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.