Dec
27

Raleigh’s Beckana on Glenwood Apartments Sold

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Grubb Properities has purchased the Beckanna on Glenwood apartment complex in Raleigh for $8.8 million.

An affiliate of the Charlotte firm paid $34,646 per unit for the 254-unit Beckanna community, according to Wake County records. However, the deal excludes the 6.4 acres the Beckanna has occupied since 1964. The Beckanna and its three, eight-story brick apartment buildings have always operated under a ground lease agreement with Dobs Inc. of Raleigh.

Grubb Properties will be the third ownership group to take over the complex in the past six years.

Grubb purchased Beckanna from an affiliate of Trade Street Residential of Aventura, Fla., which bought the property in 2011 for $9.35 million.

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