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RALEIGH, N.C. — ARA has negotiated the sale of the 600-bed University Village at Raleigh, located at 3333 Melrose Club Blvd. in Raleigh, minutes from North Carolina State University. Amenities include a resort-style pool, a fitness center with a tanning bed, a basketball court, a volleyball court, a car washing facility, a game room with billiards and a state-of-the-art business center. Chris Bancroft and Chris Epp of ARA's Austin, Texas, office, along with Dean Smith, Sean Wood and Blake Oakland of ARA's Charlotte, N.C., office represented The Preiss Co., the seller, in the transaction. The buyer was Cardinal Group Investments, which has renamed the property The U Raleigh.