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May. 24, 2013

Development Group Plans Major Apartment Project East of Downtown Raleigh

by Adriana Pop, Associate Editor

The Florian Companies, along with Hyde Street Holdings and Banner Apartments are planning to develop a 224-unit, four-story apartment building near Moore Square in downtown Raleigh.

According to the NewsObserver, the project will be located on a vacant 2-acre lot currently owned by Gordon Smith III. The development group intends to close on the purchase of the site by the end of the summer.  

Called The Lincoln, the new development will include a mix of one- and two-bedroom units, as well as a 321-space parking deck, a pool and an interior courtyard. JDavis Architects of Raleigh is the designer of the project.

If approved by the Raleigh Planning Department, the complex would become the area’s second major residential development, trailing only the 320-unit apartment tower proposed for the southwest corner of Martin and Blount streets.

“I think downtown Raleigh is really going through a tremendous boom in its progression and its desirability,” John Florian, president of The Florian Companies, told the newspaper. “So we really think there are a lot of drivers that are going to continue to drive demand for housing in downtown Raleigh right now. And over the long run it’s going to get better and better.”

Data from Karnes Research and the Triangle Apartment Association shows that the city’s downtown area has about 1,202 apartments under construction and more than 1,500 on the drawing board.

In multifamily transaction news, Trade Street Residential, Inc. has purchased the newly-built 256-unit Woodfield Creekstone apartment community (pictured) in Durham for $35.8 million.

Completed in April 2013, the garden-style property is currently 92.6 percent leased and 83.6 percent occupied. Amenities include a clubroom with cyber cafe, a business center, a resort style pool and pool lounge, as well as a fitness center and movie theatre.

The acquisition was partially funded with a new $23.3 million 10-year term first mortgage at a fixed interest rate of 3.88 percent, the company announced.

Photo credits: www.woodfieldcreekstone.com

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