Prudential Pays $72M For NC Apartment, Retail Complex

Law360, New York (November 22, 2011, 5:54 PM EST) -- Prudential Financial's real estate investment division has purchased an apartment and retail complex in Raleigh, N.C., from a Northwestern Mutual Life Insurance Co. unit for about $72.3 million, Prudential revealed Friday.

Northwestern Mutual Real Estate Investments LLC sold the property, called the Apartments at Oberlin Court, to Prudential Real Estate Investors for a deal with excise tax of $144,500, which in North Carolina is $1 per every $500 of a purchase, according to property records.

Representatives for neither Northwestern Mutual nor Prudential Real Estate immediately returned...
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