NTS Takes Raleigh M-F in $39M Deal

NTS Realty Holdings L,P, has announced an agreement to purchase Courtney Estates in Raleigh, N.C., from Courtney Estates Holdings L.L.C. for a price of $39 million. NTS will conduct due diligence on the property by Sept. 26 and must close on the purchase by Oct. 26 if satisfied with the results. The firm will fund the purchase with working capital and a mortgage secured by the Country Estates property. Country Estates is a 300 unit multi-family property located within North Carolina’s Research Triangle, affording the property access to a wide variety of universities and businesses. The property has convenient access to Interstates 40 and 540 and is situated close by Research Triangle Park and Brier Creek Commons Shopping Center. The individual units are fully equipped with modern appliances and design, and residents have access to a wide array of community amenities, including a clubhouse and recreational areas. NTS Realty Holdings is a subsidiary of NTS Development, a real estate company operating out of the southeastern United States. NTS Realty Holding currently owns and operates 22 properties, 12 of which are multi-family. The firm also owns office buildings, business centers, and retail properties. NTS recently made news in June, as CPN reported the firm entered into a partnership with Colonial Realty to purchase a $41 million multi-family property in Memphis, Tenn..