Local real estate investment firm The Connor Group this week purchased an apartment community in Cary, N.C., near Raleigh, company officials announced. The closing marks the company’s third acquisition this year in its third different market.
The Connor Group purchased the property from Amberwood Apartments Associates LP for $18.1 million, officials said. The property, Amberwood at Lochmere, is a 206-unit garden-style community featuring tennis courts, a putting green, playground, and walking and hiking trails.
The company earlier this year purchased properties in Nashville and Charlotte, N.C.
The Connor Group was founded in 1991 in Dayton. It now owns more than $1.5 billion in assets. STAFF REPORT
Reynolds and Reynolds acquires tech company
Kettering-based Reynolds and Reynolds announced Thursday that it has acquired XtremeService, a software company that helps automotive dealerships reach customers more effectively and improve sales, service and customer retention rates.
Terms of the deal were not disclosed.
Xtreme is a data mining tool for dealership management systems that allows dealers to identify customers that are most likely to purchase a new vehicle.
The acquisition will strengthen Reynolds’ Retail Management System to help dealerships work more efficiently and reach customers more effectively, officials said.
In August, Reynolds announced it had purchased Boston-based IMN, a digital marketing company that delivers branded newsletters and content for the automotive market. Also in August, the company said that its Documents Services division has acquired Virginia-based Orlando Business Systems, which provides business forms to automotive dealerships. Terms of those acquisitions were not released.
Reynolds, a privately held company that develops and sells information management systems for automobile dealers, has about 1,300 employees in Kettering. The company also has major operations in Houston and College Station, Texas and Celina, Ohio. DAVE LARSEN
Gap reports profit increase
Gap Inc. is reporting a 9.4 percent increase in third-quarter earnings as the fashion retailer’s turnaround continues.
The San Francisco-based chain, which operates Gap stores, Old Navy and Banana Republic, posted net income of $337 million, or 72 cents per share, in the three-month period ended Nov. 2. That compares with $308 million, or 63 cents per share, in the year-ago period.
Revenue rose 2.8 percent to $3.98 billion.
Analysts were expecting 71 cents per share on revenue of $3.98 billion.
Gap also reaffirmed its full-year profit guidance and said it’s increasing its stock buyback authorization by $1 billion. ASSOCIATED PRESS