PCCP, Alliance Residential Team Up for Raleigh Project
First apartments are scheduled for delivery in 2023.
PCCP and Alliance Residential have formed a joint venture to develop Prose New Hope on 15.7 acres of land in Raleigh, N.C. Ground-up construction of the garden-style property has already begun, with the partners expecting to deliver the first apartments in 2023.
The 344-unit Prose New Hope, located at 4100 Buffaloe Road, will offer one- and two-bedroom apartments ranging from an average of 836 to 1,188 square feet. Unit amenities will include stainless steel appliances and luxury vinyl tile flooring. Resident benefits will feature a swimming pool, a fitness center, a barbecue area, an approximately 3,000-square-foot resident lounge and an onsite leasing office.
Read More: Raleigh Multifamily Report – Fall 2021
PCCP has been focusing its multifamily expansion efforts on the Southeast, given the long-term demand for housing in the region. The company has partnered with Alliance in the past and found the firm’s Prose New Hope project to be appealing.
“Our partner in Alliance successfully navigated a rezoning process that will allow us to build with the appropriate scale and density that the site can support. We were attracted to the prospect of working with our repeat partners at Alliance where we can deliver new, amenitized product directly across the street from a grocer at an attractive basis with strong access to jobs,” Brian Haber, senior vice president with PCCP, told Multi-Housing News.
Alliance is the general contractor for the construction of Prose New Hope and broke ground on the property in mid-January. The Raleigh project was designed by architect Cline Design.
The property is less than 1 mile from Route 401, providing residents with access to the entire Raleigh-Durham region. It also offers a diverse mix of retailers, restaurants, and major employment hubs with 50,000 jobs within a 5 mile-radius of the property.
The East Raleigh neighborhood is also near several parks and historical sites, Saint Augustine University’s main campus and the Buffaloe Road Aquatic Center, an indoor pool/water park.
Raleigh Multifamily Details
Raleigh has 137 multifamily properties with 27,588 units in a 5-mile radius of the intersection of South Wilmington and East Morgan streets, according to Yardi Matrix. Developers have 13 projects with 3,077 units under construction and have planned 22 more with 4,487 units. There are another 67 properties in the works that could add 13,449 units to the market.
The city has witnessed the sale of 72 multifamily assets in the past five years, with an average sale price of $186,382 per unit.