Principal Real Estate Investors has acquired Alta Blu, a 298-unit, class A apartment community in Chapel Hill, N.C.
The seller was Wood Partners.
Alta Blu is located at 5840 Farrington Road in Chapel Hill near some of the Research Triangle’s largest knowledge and technology-driven employers. The property is also near Highway 54 and Interstate 40, which provides residents with easy access to the area’s top retail and grocers. Completed in 2019, the community consists of 282,628 rentable square feet of residential across a mix of studio through three-bedroom homes and 5,000 square feet of co-working office space. Apartments feature spacious floor plans, stainless steel appliances, sleek white cabinetry, granite countertops, expansive walk-in closets, wood-style flooring, in-home washers and dryers, and private patios or balconies. Community amenities include a saltwater pool, courtyard with outdoor theater, resident lounge, business center, fitness center, dog-walkin
