Grubb Properties to Develop 203-Unit Link-Branded Apartment Complex in Raleigh
Grubb Properties is planning a 203-unit luxury apartment complex in Raleigh’s Glenwood South district. According to the NewsObserver, the project will be developed on half a block bordered by Jones, West and Harrington streets.
“We think it’s one of the best sites, certainly in the Triangle market, and one of the top sites that we’re working on in the entire Southeast,” Todd Williams, Grubb’s senior vice president of investments, told the newspaper.
The new complex will feature 162 one-bedroom units and 41 two-bedroom units. The apartments will be developed under the company’s Link brand, which targets younger renters who prefer to live in urban areas that offer easy access to jobs, entertainment and cultural amenities. Grubb recently opened its first Link property in Richmond, Va. (pictured).
Construction on the Glenwood South project is expected to start by this year’s third quarter. Grubb intends to purchase the site from a group of developers who in 2008 proposed building a hotel and an office tower.
In North Raleigh, Grubb Properties co-owns the Sterling Forest apartments on Six Forks Road and is currently developing a 339-unit apartment project called Sterling Town Center.
Overall demand for apartments in the Triangle has been high recently, with rents increasing 4 percent between September 2011 and September 2012. New construction is also significant, data from Karnes Research and the Triangle Apartment Association shows. There are currently 1,200 units in the pipeline in the downtown Raleigh area alone. In the Glenwood South district, several projects are slated to open this spring.
Photo credits: www.apartmenthomeliving.com