RALEIGH, NC-A California-based real estate investment firm has sold an apartment complex in north Raleigh to another California-based real estate investment firm. San Diego-based Fairfield Residential sold Regatta at Lake Lynn, a 392-unit apartment community, to San Francisco-based McDowell Properties for $26.5 million.
Fairfield paid $22 million for the property in 2004. The multifamily property is situated at the junction of Ray Road and Lynn Road. McDowell Properties already owns five other apartment complexes in the Triangle. For the full story, go to Triangle Business Journal .
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