RALEIGH, NC-An affiliate of Charlotte-based Grubb Properties has purchased the Beckanna on Glenwood apartment property here for $8.8 million.
Grubb acquired the 254-unit complex from an affiliate of Trade Street Residential of Aventura, FL, which bought the property in 2011 for $9.35 million, according to the Charlotte Business Journal.
The deal marks the third ownership change for the property in the past six years. Grubb's management company has already taken over management of the complex.
The transaction does not include the 6.4 acres the apartment complex sits on. The three, eight-story apartment buildings operate under a ground lease with Dobs Inc. of Raleigh. See story in the Charlotte Business Journal.
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