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Blackstone buys NC community from Davis Development

Blackstone Group LP purchased the 202-unit Adara Alexander Place apartment community in Raleigh, N.C.'s, Research Triangle submarket from Davis Development Inc. for $41.4 million, Multi-Housing News reported, citing Yardi Matrix.

Davis started construction on the project at 7610 Aura Loop in 2017 using a $38 million loan from Branch Banking and Trust Co., according to the report.