Written by David Bracken | TRIANGLE NEWS & OBSERVER
Manor Six Forks, the Raleigh apartment complex that was foreclosed upon and then auctioned off in March, has changed hands again.
It was acquired this week for $48.45 million by Deerfield, Ill.-based Sherman Residential, according to Wake County property records.
The 298-unit Manor Six Forks complex and retail center is at the corner of Atlantic Avenue and Six Forks Road. It was developed by The Boylan Cos., a Raleigh real estate company.
But the investment group behind the project was later foreclosed upon after the project experienced major cost overruns and initial rents didn’t meet the investors forecasts.
The property, which opened in 2010, was acquired at a foreclosure auction for $37.1 million by a Massachusetts investor in 2012. A year later it was sold for $30.9 million to Aspen Square Management, another Massachusetts company.
Sherman acquired both the apartment complex and retail center and an adjacent 16-acre parcel at the corner of Atlantic and Hodges Road.