Pappas Properties Eyes Raleigh BTR Project
Construction is slated to begin in September.
Pappas Properties will develop Crabtree Village, a 65-unit build-to-rent project in Raleigh, N.C. The city council unanimously approved the rezoning request and construction is slated to start in September 2025.
The project will take shape at 5201 and 5301 Homewood Banks Drive, about 6 miles northwest of downtown Raleigh. The 1.3 million-square-foot Crabtree Valley Mall—Research Triangle’s largest enclosed shopping center—neighbors the site.
Upon completion, Crabtree Village will encompass two- and three-story rental homes ranging from 1,600 to 2,000 square feet. Amenities are slated to include a clubhouse, dog park and swimming pool.
READ ALSO: How BTR Communities Can Stem the Housing Crisis
This approval marked the fourth site Pappas Properties rezoned over the past 18 months. Three of them were in Charlotte, N.C., and included Midtown, a mixed-use development whose multifamily component clocks in at 328 units, and Cadia Matthews, a 445-unit multi-generational project.
The Research Triangle’s BTR inventory is set to expand
Developers brought online about 250 BTR units throughout Raleigh-Durham in 2024, Yardi Matrix data shows. Should market conditions hold, the metro is poised to witness the completion of more than 1,100 such units this year.
Raleigh-Durham’s advertised asking SFR rates slumped roughly 4 percent year-over-year through February, while the national rate dropped 0.2 percent during the same interval, a report by the same data provider shows.
The metro had north of 1,500 rental homes underway as of February, also according to Yardi Matrix data. More than 3,500 single-family rental units were in the planning and permitting stages.
Vertical construction is slated to kick off on another Raleigh-area SFR project by the end of the year, to be developed by Turnbridge Equities in Knightdale, N.C. JLL secured a $51 million loan for its construction earlier this month.
