Banner Apartments Begins Work on Downtown Raleigh Apartments
Banner Apartments and Metropolitan Investment Partners have broken ground on The Lincoln, an apartment development in downtown Raleigh, N.C. The 224-unit project occupies a full city block and is near the Fayetteville Street CBD.
By Dees Stribling, Contributing Editor
Raleigh, N.C.—Banner Apartments LLC and Metropolitan Investment Partners LLC have broken ground on The Lincoln, an apartment development in downtown Raleigh, N.C. The 224-unit project occupies a full city block and is near the Fayetteville Street CBD.
The four-story development will consist of studio, one- and two-bedroom units. It will feature 9-foot plus ceiling heights with wood floors and high-speed wiring. Common amenities will include a fitness and yoga center, a courtyard swimming pool and grilling area, a club lounge and an attached parking deck.
According to John Nikolich, executive vice president of Banner Apartments, The Lincoln’s location will attract residents who want to be downtown, and in proximity to a number of places, such as the North Carolina State Capitol, Raleigh’s Convention Center, the City Market, as well as a number of downtown restaurants and entertainment venues. The Lincoln is also located one block east of Moore Square Park. According to Walk Score, central Raleigh is a “Walkers Paradise,” getting a score of 97 out of 100.
Banner Apartments is a multifamily specialist that has ownership interests in and manages over 6,000 apartment units. Metropolitan Investment Partners, based in Raleigh, is a venture of John Florian of the Florian Cos. and John Healy of Hyde Street Holdings LLC Construction financing is being provided by KeyBank Real Estate Capital.
The property was designed by JDavis Architects of Raleigh, with Clancy & Theys Construction Co., also based in Raleigh, as the general contractor. Stephen Porterfield of Capital Associates brokered the land sale from the seller, Gordon Smith. The Lincoln is scheduled to open in the summer of 2015.