The Triangle’s Largest Rental Projects Delivered in 2015
The Triangle area added just shy of 5,000 units to its apartment inventory.
By Balazs Szekely, Contributing Editor
Raleigh, N.C.—Last year, North Carolina’s second largest metropolitan area has managed to live up to the high expectations resulting from the impressive development activity shown in 2014. Yardi Matrix data shows that a total of 21 rental developments with 50+ units were completed throughout 2015. These developments added 4,998 new apartments in the Triangle area, with 10 communities being located in Raleigh, six in Durham, four in Cary, and one in Chapel Hill. In 2014, a total of 5,101 rental units were delivered in 18 projects meeting the same criteria.
As many as 3,209 apartments, or 64 percent of the new inventory, are part of the 10 biggest rental developments by unit count. The Bradford project alone brought 390 rental units to market in Cary’s suburbs, closely followed by the 385-unit Marshall Park Apartments in Raleigh.
Even if only by a nose, The Bradford came in first in the race for the largest rental development in the Triangle. Brought to life by local civil and environmental engineering firm WithersRavenel, the 390-unit community is located at 21035 Bradford Green in the Preston suburb near Cary. The 437,947-square-foot development is surrounded by high-end boutiques, services and restaurants. Tenants can choose from one-, two- and three-bedroom units, and the long list of amenities includes a saltwater pool and more unique items such as a golf simulator and indoor putting green. (Photo credit: The Bradford Official Website)
2. Marshall Park, 385 units
A mere five units proved decisive for the runner-up, although its square footage—a mere 367,084 square feet—is indeed well below The Bradford. Located at 3950 Fairsted Drive in Raleigh, Simpson Property Group’s 385-unit Marshall Park project offers 244 one-bedroom apartments, 160 two-bedroom units, as well as a guest-suite. The property also features a saltwater pool along with a rooftop lounge overlooking the Greenway. (Photo credit: Marshall Park via RENTCafé)
3. Amberton at Stonewater, 348 units
Completed in early February 2015, Amberton at Stonewater features 348 units at 2000 Teaching Drive near Cary Town Center. The property is managed by Caroll Management Company, and its unit mix includes one-, two- and three-bedroom apartments in three-story resort-style buildings. Its location offers convenient access to William B. Umstead Park, Streets of Southpoint Mall, the Research Triangle Park, the RDU International Airport, as well as Interstates 40, 540 and Highway 55. Amenities include electric car charging station and a gourmet coffee and tea bar. (Photo credit: Amberton at Stonewater Official Website)
4. SkyHouse Raleigh, 320 units
Novare Group’s downtown Raleigh development at 308 South Blount St. offers studios in addition to its selection of one-, two- and three-bedroom apartments. SkyHouse Raleigh’s 20-, 22- and 23-story towers also include street-level retail space. Close to some of the city’s most popular shopping, dining, and entertainment destinations, the multifamily complex lines up amenities like a saline pool with poolside lounge, 24-hour fitness center and terrace with fireplaces, grills, and outdoor seating. (Photo credit: SkyHouse Raleigh Official Website)
5. Berkshire Ninth Street, 303 units
Situated in Durham’s Ninth Street District, this one was developed by Berkshire Group and features 303 one- to three-bedroom units, about two thirds of which are one-bedroom apartments. Residents here have access to a resort-style saltwater pool, a 4,000-square-foot high endurance fitness center with flex studio and rock climbing walls, as well as bike storage with repair room. The 273,820-square-foot development is within walking distance to Duke University & Medical Center, in an area that includes numerous fine dining restaurants, bars, coffee shops and a variety of retail options. (Photo credit: Berkshire Ninth Street Official Website)
For more of 2015’s largest apartment projects in the Triangle, check out the Top 10 list on the RENTCafé Blog.