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RALEIGH, N.C. — Chevy Chase, Md.-based FCP has purchased Grand Arbor Reserve, a 297-unit apartment community located at 2419 Wycliff Road in Raleigh. Howard Jenkins of CBRE represented the undisclosed seller in the $48 million transaction. Situated near I-440 and the UNC Rex Hospital, Grand Arbor Reserve comprises mostly two- and three-bedroom apartments. Amenities include a swimming pool, fitness center, playground, dog park and a volleyball court. The property was originally built in 1969, according to Apartments.com.