Blue Ridge Realty, Lowe Enterprises Team on Raleigh Development
- Oct 06, 2014
Raleigh, N.C.–Ground will be broken this fall on The Gramercy, a 203-unit mixed-use multifamily development in Raleigh, N.C.
The development, from Lowe Enterprise Investors in tandem with Raleigh-based developer Blue Ridge Realty, will include 6,900 square feet of ground-floor retail space and a 260-space parking garage.
Wells Fargo will provide a $26 million construction loan as the lender for the six-story apartment project. The Gramercy is to be located at 401 Glenwood Ave., a residential site in the popular Glenwood South neighborhood on the northwest side of downtown Raleigh, located near a number of major employers.
The Glenwood South area is a favorite for young professionals, as it puts them steps from an array of restaurants, bars and nightclubs.
“We like the Raleigh metro in general due to its strong population and job growth,” John Gaghan, vice president of Los Angeles-based Lowe Enterprise Investors, tells MHN. “We also think the market is prepared for more urban infill multifamily development. The Gramercy will appeal to renters seeking to walk or bike to work, shopping and other amenities. The multifamily market continues to expand nationwide as millennials move into the work force. This generation, of which Raleigh has an outsized share, is renting longer prior to purchasing homes. This bodes well for the Gramercy project.”
The Gramercy will offer studio, one-bedroom and two-bedroom apartments and top-tier design, finishes and amenities. Apartment homes will deliver designer features such as granite countertops, stainless steel appliances, 9-foot ceilings and individual balconies. Common-area amenities will include a clubhouse with kitchen and lounge, resort-style pool, business center and gated covered parking. The J. Davis-designed building will showcase architecture complementing that of the neighborhood it will call home.
“Blue Ridge Realty has been actively involved in commercial real estate in the Triangle area since the early 1960s,” says Lowe Enterprise Investors co-CEO Bleecker P.Seaman. “The Gramercy offers an attractive investment opportunity with a seasoned partner in one of the best locations in Raleigh.”
Added Joe Meir of Blue Ridge Realty: “We are very pleased to have this opportunity to work with Lowe on the development of The Gramercy, which will further enhance the dynamic Glenwood South residential corridor.”
Gaghan led the investment team for Lowe Enterprise Investors. Howard Brooks of Medalist Capital arranged financing for The Gramercy. The general contractor is Choate Construction.