Pappas Properties Starts Work on Research Triangle Townhomes

February 20, 2026

Single-Family Rental Development Raleigh-Durham Southeast

The community is taking shape near the city's largest shopping center.

Pappas Properties has broken ground on Cadia Grandview, a 65-unit build-to-rent townhome community located in Raleigh, N.C. Leasing at the property, which is located at 5201 and 5301 Homewood Banks Drive, is slated to begin in early 2027.

Center Park Builders, a South Carolina-based residential specialist, will construct the buildings. In January, Cardinal Civil Contracting, a Raleigh-based contractor, began work on the site, which is near the Crabtree Valley Mall, the largest shopping center in the Research Triangle area.

Cadia Grandview’s two- and three-story townhomes will range from 1,500 square feet to 1,800 square feet, each having three-bedroom layouts. Community amenities will include clubhouse with a fitness center, as well as outdoor gathering spaces. Residents will also have access to a resort-style pool and a dog park.

Crabtree Creek Trail, a greenway that connects residents to miles of walking and biking paths, also links to the Cadia Grandview community. The trail offers access to downtown Raleigh, North Raleigh, downtown Durham and Duke Medical Center.

Research Triangle sees inventory Influx

Raleigh-Durham’s multifamily market was a mixed bag by the end of 2025, with asking rents ticking down to $1,553, a 0.3 percent decline on a trailing three-month basis as of September, according to Yardi Matrix data.

Year-over-year, asking rents dropped 0.5 percent, meaning that the market found itself in the bottom half of the top 30 U.S. metros by that metric. The same source expects another slight decline in the last quarter, with a projected slide of 0.7 percent for the full year.

Developers completed 8,593 units in the market through September, accounting for 4.2 percent of existing stock, which constituted a development wave. That figure was 200 basis points higher than the 2.2 percent U.S. average for the same period, notes Yardi Matrix.

On the other hand, demand remains consistent. Despite an influx of units coming online, occupancy in the area ticked up 10 basis points year-over-year to 94 percent as of August, Yardi Matrix reports.