A New Jersey real estate investment firm has bought one of the city’s newest apartment complexes as part of a plan to boost its investment in apartments.
Ramsey, N.J.-based Raia Properties Corp. paid $37.25 million last month for the Talon Hill Apartment Homes, a 276-unit complex at 1405 Falcon Valley Heights in the Northgate development, as part of a tax-free exchange involving a New Jersey office complex.
San Antonio-based Embrey Partners Ltd. developed Talon Hill and completed construction in October. The firm also developed and sold a Little Rock, Ark., complex Raia acquired last year and another San Antonio complex Raia has agreed to purchase.
