Morrisville, N.C.—Grace Park, a new mixed-use development in Morrisville, N.C., reports that nearly all of its 128 rental apartments—about 98 percent of them—have been leased, as well as about 90 percent of its retail space. The property is a development of Long Island-based Kalikow Group that originally broke ground in 2007.
The residential part of the property is comprised of two-story brownstones featuring garden-style apartments, and flats over retail space with balconies and 10- to 11-foot ceilings. Residents have access to outdoor seating, grilling areas and concierge services.
Some of the property’s most recent retail tenants include Trali Irish Pub, which leased 4,100 square feet, Health Station, Ladders Teaching Supply Store and Mare, an Italian restaurant. Also, the Discovery Child Development Center will relocate and expand to a new 8,500 square-foot building on the remaining outparcel retail site, next to the Grace Park Animal Hospital, by the end of 2013.
The property’s location in Morrisville puts it in the greater Research Triangle region of North Carolina, which is formed by Durham, Raleigh, and Chapel Hill. R&D and other industries have kept the local economy relatively healthy there, which has spurred a steady demand for rental apartments in recent years.
According to Real Data, the Triangle’s apartment vacancy rate at the end of 2012 was 5.5 percent, the lowest since the late 1990s. Developers have noticed: currently more than 15,000 apartment units are under way or planned in the region. Rents are up as well, averaging rental $868 per month, compared with 834 a month a year ago.