RALEIGH — An Alabama real estate investment trust has purchased the Highlands at Brier Creek Village apartment complex in Raleigh for $45 million, according to Wake County property records.
Colonial Properties Trust purchased the 350-unit complex, which was built in 2007. The seller was The Altman Cos., a Florida firm that develops and markets condominium and apartment projects. The deal represents the first major apartment sale of 2012. Nearly $900 million worth of transactions were completed last year.
Apartments have been the best performing commercial real estate sector by far in recent years. The turmoil in the residential housing market has increased demand for apartments as more people lose their homes to foreclosure or find they cannot qualify for a mortgage.
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