Written by David Bracken | TRIANGLE NEWS & OBSERVER

An Indiana real estate firm has purchased two apartment complexes in Raleigh for $27.3 million.

The Sterling Group of Mishawaka, Indiana paid $12.4 million for the 156-unit Strickland Farms Apartments in North Raleigh, according to Wake County property records.

The company also paid $14.935 million for the 268-unit Lenoxplace Apartments in southern Raleigh near Tryon Road and U.S. 401.

Lenoxplace was built in 2001; Strickland Farms in 2000.

Both apartment complexes were once owned by J.P. Realty IV, an investment vehicle owned by Raleigh developer John Politis, according to documents on file with the N.C. Secretary of State's office.

The properties were placed into receivership, and Harbor Group Management Co. of Norfolk, Virginia handled the sale.

The Sterling Group owns 58 multi-family properties in 14 states. Lenoxplace and Strickland Farms are the company's first assets in North Carolina.