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Continental Realty Corp. makes first Raleigh-area acquisition for $61 million

Continental Realty Corp. makes first Raleigh-area acquisition for $61 million

Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired a North Carolina apartment complex for $61 million.

The Edison Lofts, a 223-unit community in Raleigh, is Continental Realty's first property in that area. The deal appealed to Continental Realty because of the property's location at the center of a fast-growing metropolitan area that Continental executives think will see an influx of workers in the coming years, the firm's CEO, JM Schapiro, said in a statement.

"We are extremely familiar with the momentum and level of vitality occurring within Raleigh, which is considered one of the fastest growing metropolitan...

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