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.
 

Kimco Realty, one of the largest owners and developers of shopping centers in the country, has purchased the Midtown Commons shopping center in Knightdale for $23.84 million, according to Wake County property records.

The seller was Crosland.

Kimco, a publicly traded real estate investment trust headquartered in New York, also owns the Shoppes at Midway Plantation, located across Knightdale Boulevard from Midtown Commons.

Kimco also owns stakes in retail centers in Cary, Morrisville, Durham and Raleigh.