Multifamily

SPRING LAKE, N.C. — New York-based First American Exchange Corp. has acquired Village on the Lake Luxury Apartments, a 115-unit, 30-acre multifamily community in Spring Lake, from Village on the Lake LLC, for $16.9 million. The property also includes an adjacent land parcel that has entitlements for the development of 108 additional units. The complex was 94 percent occupied at the time of sale and is located at 605 Village Lake Court, near Fort Bragg and Fort Pope Air Force Base. Jim Scofield of Sperry Van Ness’ Raleigh, N.C., office represented the seller, and the buyer was represented by Lefku & Company.

ATLANTA — Lane Company is developing No. 10 Park, a $60 million, 312-unit upscale rental community in Atlanta. The five-story apartment building will feature one- and two-bedroom units. Amenities will include a resort-style pool, fitness center, Internet café, conference room and landscaped courtyards. Initial occupancy will begin next summer, followed by full completion in fall 2009. The two equity partners for the project are Eagle Realty and an affiliate of W&D Enterprises. Lane Realty Construction is the general contractor, and the project architect is The Preston Partnership. Lane will also lease and manage the apartments. The community will be located one-half mile from Interstate 285 and less than 2 miles from Georgia 400.