Davis Property to Start Construction on 243-Unit Apartment Project in Raleigh
Construction is about to begin on the 243-unit Jones Grant Apartments complex in Raleigh.
According to the NewsObserver, developer Davis Property Group and its equity partner AVR Realty have paid about $4.56 million to acquire the site of the development, a 15-acre parcel of land located inside the Beltline, on the west side of Wake Forest Road.
Previously owned by the family trust of Charles William Gaddy, a real estate investor and former city councilman, the property includes the historic Crabtree Jones House. The structure, which Davis is moving to an adjacent site, will be donated to Preservation North Carolina.
The first units of the new apartment complex are expected to be ready for occupancy towards the end of 2014.
The complex, which does not require a parking deck, is expected to offer residents more affordable rents than projects at North Hills and elsewhere in the city. Jones Grant Apartments will also offer easy access to the Holly Park Shopping Center and the Duke Raleigh Hospital.
“What we believe is, what matters to the customer, what they pay money for, is walkability,” Russ Davis, Davis Property Group’s owner, told the newspaper. “And from this site it’s an amazing ability to walk to the retail amenities you can use every day.”
According to the semi-annual Triangle Apartment Market Report by the Karnes research firm and Triangle Apartment Association, 15 new apartment communities totaling 2,899 units have opened in the Triangle region in recent months. Another 9,336 units are scheduled to open by early 2015, the highest level reported since 1997.
In other news, the Triangle Business Journal reports that the new Hilton Garden Inn hotel has recently opened near Duke University Hospital in Durham.
Called Hilton Garden Inn Durham/University Medical Center, the 128-room hotel at 2102 W. Main St. is managed by Olympia Hotel Management and jointly owned by The Olympia Companies of Portland, Maine, and Smart Hotels of Shaker Heights, Ohio.
The property has earned the highest level of recognition from the North Carolina Green Lodging Initiative and also aims to achieve LEED certification.
Photo credits: www.hoteldurhamnc.comTags: Acquisitions/Dispositions, Commercial, Consumer, Conventional - Market Rate, Davis Property Group, Developers, Development, Durham hospitality, economy, Finance/Investment, Hilton Garden Inn Durham University Medical Center, Hospitality, Investors, Jones Grant Apartments, leasing, Local, Managers, multi-family, National, Olympia Hotel Management, Owners, Professional, property management, Raleigh apartment, Raleigh-Durham Lead Story, Regional, Residential, Smart Hotels, The Olympia Companies