Downtown Raleigh's Sir Walter Apartments gets new owner

RALEIGH, N.C. (WTVD) -- Downtown Raleigh's historic Sir Walter Apartments has a new owner. It is a deal that allows low-income elderly residents to remain in their homes and enjoy a renovated building.

In a transaction first reported by the Triangle Business Journal and confirmed by ABC11, Capital Realty Group of New York has purchased the building for $16.8 million.

The renovations call for new common-areas and also the addition of new units on the ground floor, in the area previously occupied by Chick-fil-A. The expanded Sir Walter Apartments will have 158 units.

Sir Walter provides federally-subsidized housing for senior citizens.

The historic property was built in 1924 on Fayetteville Street and originally opened as a hotel.