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.

An Atlanta real estate company has bought the the Villas at Centerview apartments in West Raleigh for $42 million, according to Wake County property records.

Centennial Holding Company purchased the 374-unit complex from Boston Capital Real Estate Partners. Centennial also owns the Century Creek apartments in Durham and the Century Carrington Park apartments in Morrisville.

Villas at Centerview opened in 2007.

It was 94 percent leased as of Dec. 6, according to Karnes Research and the Triangle Apartment Association.

Highwoods Properties announced Monday that it has sold a vacant, 96-unit apartment building in Kansas City for $11 million.

The property is in the city's Country Club Plaza.

It is part of a site where Highwoods once hoped to build a $58 million headquarters for the law firm Poisinelli Shughart.

That project, which would have required tearing down the apartment building, was scrapped in April 2011 after it ran into unexpected opposition from city officials and residents.

Highwoods will use the proceeds from the apartment sale to pay down its unsecured revolving credit line.

A Massachusetts apartment management company has bought the Bradford Crossing apartment complex in North Raleigh for $13.2 million, according to Wake County property records.

VTT Management bought the property from UCF Bradford LLC. UCF Bradford paid $10 million for the 365-unit complex in April 2011, meaning it earned a 32 percent return in less than a year.

Bradford Crossing was built in 1968. It's just outside the Beltline in between Six Forks and Wake Forest roads.

The complex was 75 percent leased in October, according to data from the Triangle Apartment Association and Karnes Research.

VTT Management specializes in repositioning undervalued and distressed real estate.

The deal is just the latest example of how multi-family property valuations have risen in recent years.

Crescent Resources broke ground today on a 303-unit apartment complex in Durham.

The $47 million project, called Circle Ninth Street, is being built on a six-acre site adjacent to Ninth Street and the historic Erwin Mill building. 

The first units are expected to be available this fall.

Circle Ninth Street is to be similar to eco-friendly communities that Crescent has built in Florida and the Charlotte area.

The Charlotte developer is also behind The Residences at Cameron Village, a 282-unit apartment complex in the west Raleigh shopping center.

A Houston real estate investment trust has bought the Asbury Village apartments in West Raleigh for $44.2 million, according to Wake County property records.

Camden Property Trust bought the 350-unit complex from Boston Capital Real Estate Partners. Asbury Village, built in 2008, is just east of Interstate 40 near the intersection of Chapel Hill and Nowell roads.

Nearly $900 million worth of apartment transactions were completed last year, and investor interest in the sector shows no signs of cooling off.
 

New York-based Clarion Partners and The Residential Group of Atlanta announced plans today to develop a $37 million apartment complex in northwest Raleigh's Brier Creek area.

The project, called Crest at Brier Creek, will include 291 units and be located near ACC Boulevard and Glenwood Avenue.

It's one of several new apartment projects planned for the Brier Creek area.

Clarion said in a release that site work on the project began this month, with completion expected in June 2013.

In August, Clarion paid $15.7 million for Cary Park Town Center shopping center. The firm has more than $23 billion in assets under management.
 

The Lenox at Patterson Place apartment complex in Durham has sold for $28.8 million, or $9.7 million more than the seller paid for the property just two years ago.

The Connor Group of Ohio bought the 292-unit complex in December 2009 for just over $19 million.

Lenox's new owner is Chicago-based Westdale Investment Partners.

The deal reflects the strong performance of the apartment sector in recent years, particularly newer properties in good locations. Lenox was built in 1999.

A number of firms that bought apartments in 2008 and 2009 are finding that those assets are now worth considerably more.

The year in Triangle commercial real estate is ending much the way it started -- with a bunch of multifamily property deals.

The Preiss Company, the Raleigh-based student housing firm, has paid $26.5 million for The College Inn, a 121-unit complex on the south side of Western Boulevard near N.C. State in Raleigh, according to Wake County property records.

The seller was the N.C. State Student Aid Association, also known as the Wolfpack Club, which had owned the property since it was built in 2004. Richard Cotton of Multifamily Realty Advisors represented the Wolfpack Club in the sale.

The complex sits on 3.26 acres and includes a total of 440 beds.

The other deal involved the Mariner's Crossing apartments in North Raleigh, which sold for $29.95 million to Sillman Enterprises, a real estate firm based in Birmingham, MI, according to property records.

The 306-unit complex was built in 1995. It's located at the intersection of Creedmoor and Millbrook roads.