Written by David Bracken | TRIANGLE NEWS & OBSERVER

Federal Capital Partners announced Friday its purchase of the first phase of the West Village development in downtown Durham.

The purchase includes 241 apartments and 10,000 square feet of retail and parking.

Washington-based FCP purchased the property for $35.25 million, which is considerably more than The News & Observer reported Tuesday in an article. The deed filed with Durham County shows a purchase price of $18.125 million, but that number is incorrect, an FCP spokeswoman said Friday.

FCP's partner in the deal is Greensboro-based Bell Partners.

West Village was developed by Duke basketball stars Christian Laettner and Brian Davis. Laettner's and Davis' company, Blue Devil Ventures, led a $170 million revitalization effort in Durham that converted an abandoned tobacco factory into a mix of restaurants, offices and apartments.

The two have since run into financial trouble, and owe millions to creditors.

West Village has continued to thrive despite Laettner's and Davis' financial difficulties. Nearly all of the 453 apartments are occupied, and much of the 140,000 square feet of commercial space is leased.