A Chapel Hill real estate investment group that in 2012 took a 92-acre tract of land in Apex all the way through entitlements for a mixed-use community of 900 homes and 550,000 square feet of commercial space has sold out.
The buyer, an affiliate of The Halle Companies in Silver Spring, Maryland, has paid $10.8 million for the land at the site of the proposed future Westford development, according to county records. Halle’s investors also paid another $1.55 million for an adjacent eight-acre site owned by a neighbor to round out the deal near the U.S. 64 and Highway 540 interchange.
The Westford project is expected to be a continuation of The Halle Companies’ focus on new development projects in southern Wake County. It was also the developer of the 202-acre Villages at Apex project that opened in 2008 and has other projects underway in Holly Springs, Garner and Durham.
A fund managed by Blue Heron Asset Management of Chapel Hill acquired the Apex land at auction in 2009 for $4 million. Maurice Malfatti, managing partner at the firm, says they saw “great potential” for the property when the initial investment was made five years ago. “Working collaboratively with the town, we were able to execute our business plan and add significant value through the entitlement and approval process,” Malfatti stated in a news release about the land sale.
The HFF investment sales team representing Blue Heron in the 92-acre sale was led by Justin Good and Allan Lynch. Representing the sellers of the eight-acre site was Moss Withers of NAI Carolantic Realty.
Source: Triangle Business Journal
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