New York City-based KDM Development Corp. purchased 46 acres of land in Raleigh, NC from Redus Properties, Inc. for $2.75 million, or about $60,000 per acre.
The vacant land located at 6701 Fox Rd. is located in close proximity to I-50 and US-1 near the Triangle Town Center. The land will be developed into a 472-unit apartment complex. Construction is estimated to commence by the end of 2014.
Karl Hudson and Justin Good of Cushman & Wakefield Thalhimer represented the seller, while the buyer was self-represented.
Please see CoStar COMPS #3062743 for more information on this transaction.