Two Apartment Projects Totaling 500 Units to Break Ground in Residential Community
In the coming months, two projects are expected to break ground at the Heritage residential community in Wake Forest. According to the NewsObserver, the new developments will bring more than 500 units to Heritage.
Atlanta-based TWO Capital Partners will develop Capital Creek, a 315-unit apartment complex. The project will be built on a 26-acre site next to Heritage Middle School. The company expects to purchase the land in February and open the property by next fall.
The second development is a 260-unit apartment complex called Heritage Gardens. Greensboro-based Certus Properties will build the project on a 17-acre parcel of land. The company recently purchased the property for $1.74 million and expects to open the new complex late next year.
“There are great schools and entertainment options nearby, convenient access to employers throughout the Triangle, and to put it simply, a very high overall quality of life in Wake Forest,” Certus principal Brantley White told the newspaper.
Northeast Wake County is one of the best performing apartment markets in the Triangle. Data from Karnes Research and the Triangle Apartment Association shows that the area registered a vacancy rate of 4.9 percent in September, down from 7.6 percent a year ago. Over the same period, rent growth was 4.6 percent, the highest in the Triangle region.
The 228-unit Bexley at Heritage (pictured) is currently the only apartment complex at the Heritage residential community. As of September, the apartments were 98 percent leased.
The area’s leasing activity is also benefiting from the high number of homes being developed and sold in Heritage. According to Triangle Multiple Listing Services, Heritage registered 98 closings in the third quarter. Many buyers arrive early and need short-term leases until their new homes are complete.
Photo credits: www.apartmentguide.com