RAIA BUYS ONE NORMAN SQUARE APTS. FOR $15M

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CORNELIUS, N.C. — Ramsey, N.J.-based The Raia Properties has acquired the 192-unit One Norman Square, an apartment complex located at 19532 One Norman Blvd. in Cornelius, from Nashville, Tenn.-based Carter-Haston Real Estate Services for $15 million. The property, which is 95 percent leased, includes amenities such as a resort-style salt water pool, tennis courts, a 24-hour fitness center, car care center, business center, walking trails and gated, on-site boat parking. Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented the seller in the transaction. The acquisition was financed through ARA's debt platform, ARA Finance, and was funded by Fannie Mae.

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