RALEIGH, NC-Federal Capital Partners and Grubb Properties announced a joint venture investment in two apartment communities located in Raleigh and Chapel Hill, NC. Valued at $42 million, the new venture includes Riverwoods apartments located on Six Forks Road in Raleigh and the Glen Lennox apartment community on Hamilton Road in Chapel Hill.

Jason Nettles of Holliday Fenoglio Fowler, L.P. represented the seller, Dilweg Companies of Durham, NC, in the Riverwoods transaction. Andrea Howard, senior vice president of Grubb Properties, led the acquisition efforts on behalf of the joint venture. Steve Heffner, senior vice president with CB Richard Ellis Capital Markets, represented the joint venture in securing new financing for the transaction with Freddie Mac.

Riverwoods is a 174-unit, garden and townhome style apartment community that features visibility and access as well as unique unit designs. The joint venture plans to invest additional capital into the property as part of a repositioning effort including a name change to Sterling Forest Apartments.