Princeton apartments fetch $39M.ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. has sold the Princeton Mill Apartments in Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. for $39.5 million. The transaction was made on behalf of a core apartment fund advised by ING Clarion, and is the fund's only investment in Raleigh. Blake Okland, Darren Ash and Dean Smith, of Apartment Realty Advisors, brokered the transaction. The Princeton Mill Apartment complex is made up of 352 garden style Class-A units located in Raleigh's affluent northwest section near Crabtree Valley Mall Crabtree Valley Mall is a regional mall located in Raleigh, North Carolina. At 1.3 million square feet, it had been the largest enclosed mall in the Triangle (Raleigh/Durham/Chapel Hill) area prior to 2002, when both Triangle Town Center and The Streets at Southpoint opened. and Rex Hospital Rex Hospital is Raleigh, North Carolina's oldest hospital, founded by a bequeath from John Rex (1771-1839), a tanner and respected member of the local society. It was originally on what is now Dorothea Dix Hospital, later on St. . Constructed in 1996, the luxury-appointed property remains one of the submarket's most desirable apartment communities, offering quick access to the area's prime job centers including downtown Raleigh and the Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. . "In 1996, we saw Princeton Mill as a high quality property in a great location with a design well ahead of its time, and we were willing to pay what was then a record price to acquire it," said Rob Greer, Senior Director for ING Clarion. "Happily, the decision proved to be the correct one, and our shareholders have been well rewarded as a result. We expect the new owners to continue to benefit from the property's competitive advantages." |
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