RALEIGH, NC-Two area apartment communities were purchased bylocal investors and another was acquired by a national real estateinvestment firm based in California for a total purchase price ofapproximately $67 million.

Chaucer Creek Capital LLC of Raleigh shelledout $27 million for the 228-unit Olde Raleigh community. The sellerwas California-based Fairfield Residential,according to the Triangle Business Journal. In another recentmultifamily deal in the area, Eller CapitalPartners acquired the Timberlyne apartment community atthe intersection of Weaver Dairy Road and MLK Jr. Boulevard for$8.7 million.

The 246-unit Wakefield Glen Apartments in north Raleigh has beensold for $31 million to Irvine, CA-based Passco CompaniesLLC. This past July, Passco acquired the Encore at thePark community in Durham. See story in the Triangle Business Journal.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.