A Raleigh-based development company has paid more than $5.1 million for an Edgehill property on which it plans to break ground this year on a residential building near the city’s old reservoir.

SLI Capital acquired the 3.41-acre property, the address of which is 809 Edgehill Ave., from Nashville-based Elmington Capital Group. The purchase comes after SLI paid Elmington Capital $9.1 million last December for a 2.5-acre parcel at 1201 Hillside Ave., which sits across Hillside from the just-bought property.