LG Development Group Eyes Raleigh BTR Community
The firm acquired its first North Carolina site.
LG Development Group has purchased a 5.1-acre, zoned and entitled site in Raleigh, N.C., approved for 70 infill build-to-rent or for-sale townhomes. The acquisition marks the firm’s entry into North Carolina.
Magnolia Property Group sold the land for $3.4 million, according to Wake County public records, in a transaction brokered by Capstone.
Before selling the site, Magnolia filed the zoning permits for Skycrest Townhomes. The 2022 preliminary planning and development application called for two- and three-bedroom floorplans ranging between 855 and 1,745 square feet. Amenities included a clubhouse and a pool area, as well as 161 parking spaces.
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Located at 2420 Brentwood Road, in an opportunity zone, the chosen site is less than 1 mile from Interstate 440 and U.S. Route 401, as well as some 4 miles from downtown Raleigh. Employers such as Google, IBM, Lenovo and Apple operate in the Research Triangle Park, roughly 20 miles northwest. Capital Square, a shopping center providing 140,000 square feet of retail, is roughly 1 mile away.
Capstone Executive Director Mike Mosher and Managing Director Eric Liebich, alongside Directors Josh Greenwald and Scott Fuller, partnered with Investment Sales Advisors Matt Weinstein, Dane Lozier and Partner Ron Corrao in representing the seller and procuring the buyer.
Raleigh-Durham’s build-to-rent supply pipeline included more than 4,100 units in all stages of development as of May, according to Yardi Matrix data. The pipeline accounted for a staggering 60 percent of the total inventory.
