The city of Raleigh has the third-highest apartment growth in the United States, and the surrounding area has been a hotbed of investment and development activity in recent months. Greater Raleigh’s strong, steady population and job growth have led to an equally strong demand for new rental properties.
An already booming area of Raleigh, North Carolina will see continued growth if a proposed apartment complex is approved by the city. A Charleston-based developer plans to build a five-story apartment complex across from Crabtree Valley Mall. Named Crabtree North Apartments, the community will feature more than 150 units across 303,000 square feet, along with a 253-space parking deck.
What else is happening in Raleigh? The eastern part of the state capitol might soon be home to a new mixed-use development with a focus on residential units. If the city approves a rezoning request for a 55.99-acre parcel along Raleigh Beach Road, the previously undeveloped area will be split into three separate parcels. Each parcel will feature a mix of residential and non-residential properties. Developers anticipate a mix of around 600 single-family, attached and multi-family residences complemented by 200,000 square feet of retail, restaurant, office and recreational space.
Investors and developers alike are placing bets on the ever-growing city of Cary, North Carolina. In early August 2019, a Virginia-based real estate firm acquired an amenity-abundant residential community in Cary for $119 million. This sale represents the largest single-property apartment transaction in the area to date. The community—known as The Aster—features a plentiful mix of apartments and townhomes, along with numerous luxury amenities including a golf simulator, a pet parlor, an expansive wellness center and more. The community is ideally positioned between the Research Triangle Park area and Raleigh-Durham International Airport.
Another major project on the horizon for Cary is the redevelopment of the 87-acre Cary Towne Center property at the heart of the city. The struggling mall will get more than just a facelift. The new owners of the property plan to turn the site into a full-fledged mixed-use destination. Current plans would transform the two-story shopping mall into a luxury mixed-use center with a mix of retail and office space, townhomes, hotels and more.
The growing demand for senior housing can be felt within the Triangle market. Cambridge Village Optimal Living has taken advantage of the recent boom in the seniors housing sector and just broke ground on its newest project: an $80 million senior living facility in Brier Creek. The Cambridge at Brier Creek is scheduled to open in 2021 and will feature 205 apartments along with health and wellness facilities, medical amenities, a pub, a salon and much more. Residents of The Cambridge will have access to fitness trainers, outdoor activities and social events. The community is conveniently situated across the street from WakeMed’s Brier Creek Emergency Care Unit.
Interested in investing in North Carolina commercial real estate? Ground + Space is a leading commercial real estate brokerage firm based in North Carolina that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings or sign up for our mailing list to stay in-the-know on all that North Carolina has to offer.