Two Capital Breaks Ground on $30M Multi-Family Development in a Top 50 Master Planned Community
- Feb 21, 2015
by Adriana Pop, Associate Editor
Construction has begun on Capital Creek, a 214-unit multi-family complex within the Heritage master-planned community in Wake Forest.
According to the Triangle Business Journal, Atlanta-based TWO Capital Partners is investing $30 million into the project, which will be located near Heritage Middle School on Rogers Road. Patterson Real Estate Advisory Group, the developer’s capital advisor, arranged a construction loan with RBS Citizens.
“It is no secret that Raleigh-Durham has experienced tremendous growth over the past few years,” Ralph Wilson of TWO said in a news release. “While the majority of developers have focused predominately on urban infill locations, we saw a significant opportunity in the suburban pockets. Capital Creek will be surrounded by a large amenity base, great schools and some of the strongest demographics in the Triangle.”
Construction on the new community is expected to last for approximately 16 months, with lease-up commencing in the beginning of 2016. TWO Capital’s other partners in the project include Mulkey Engineers and Consultants and general contractor C.F. Evans & Co.
The 2,000 acre Heritage master planned community has been rated as one of the Top 50 master-planned communities in the U.S. for four consecutive years by John Burns Real Estate Consulting. Upon completion, it will include a golf course, three public schools, a private school, a charter school and multiple office and retail facilities.
“TWO employs an impressive analytical approach to identify potential multifamily sites,” added Lance Patterson of Patterson. “At Capital Creek, they have thoroughly examined the submarket’s strong and growing demand base, and we are confident that this attention to detail will result in a successful execution.”
Photo credits: TWO Capital Partners