RXR Acquires $3B N.C. Mixed-Use Development
Phase I will include 1,000 multifamily residences.
Downtown Raleigh. Image by Mark Thomas via pixabay
RXR has acquired the Veridea, a mixed-use development in Apex, N.C.
The site, which exceeds 1,000 acres and is zoned to include multifamily and single-family residences, townhouses and commercial space, was acquired for $91 million.
More than 1,000 multifamily units are to be constructed by RXR in the first phase of development. Another 1,100 single-family and townhomes are set to be developed by Lennar.
The site’s zone permits for up to 8,000 homes total, along with millions of square feet of commercial, retail, hospitality and civic use space.
Residents will be in a walkable multi-modal area with a variety of transit options. The site will include trails and walkways connecting open spaces and different development types. Wake Technical Community College will also complete a new 340,000-square-foot campus on 34 acres of the land during Phase I of development. The school will have some 3,000 students on-campus daily. A new elementary school is also slated to be built on 21 acres of land.
Situated within Raleigh, Durham and Chapel Hill’s the Research Triangle, the Veridea is in proximity to some 20 institutions including Duke University and the University of North Carolina at Chapel Hill. The Town of Apex is a 20-minute drive from the Research Triangle’s economic core with major employers.
Foundry Commercial brokered RXR’s acquisition of the project while Lee & Associates Principal & CEO Moss Withers brokered the sale of the Wake Technical Community College site.
RXR’s investment strategies
The acquisition of the Veridea aligns with RXR’s national strategy of acquiring, developing and investing in “superstar regions,” or areas with high qualities of life, quality healthcare and education systems and large workforces.
In 2022, RXR launched an expansion program for multifamily with some $1.3 billion in acquisitions. Areas in the program include Tampa, Fla., Phoenix, Ariz., northern New Jersey and the greater Philadelphia area.
Also last year, the company landed $105 million in refinancing for a 280-unit high rise multifamily building in New Rochelle, N.Y. The partially affordable building was the first residential tower delivered in New Rochelle since 2007.
