Top 5 Multifamily Projects in Raleigh-Durham
More than 11,000 units are under construction in the market, according to Yardi Matrix data.
Raleigh-Durham’s multifamily market recovered well throughout 2021, propped up by robust demographic trends, proving popular with Millennials and Gen Z residents. This has bolstered demand for rentals and development was solid across the map, with construction starts having doubled in the January to September 2021 interval compared to the same timeframe last year.
In addition to the 5,104 units delivered in 2021 through October, developers had 11,452 units under construction, according to Yardi Matrix data. In the list below, we’re sharing the five largest projects underway in Raleigh-Durham, based on Yardi Matrix data.
|Rank||Property Name||Address||City||Owner||No. of Units||Completion Date|
|1||Olde Towne||2211 South New Hope Road||Raleigh||The Halle Companies||450||1/31/2023|
|2||Park||1250 Ephesus Church Road||Chapel Hill||Woodfield Investments||414||6/30/2022|
|3||LC Brier Creek||3818 Page Road||Morrisville||Lifestyle Communities||408||12/31/2021|
|4||Alta Davis||615 Corbett Street||Morrisville||Wood Partners||403||8/31/2022|
|5||Walter Tower||4000 Front at North Hills Street||Raleigh||Kane Realty Corporation||376||4/30/2022|
5. Walter Tower, Raleigh, N.C.
In the first quarter of 2020, Kane Realty Corp. broke ground in the Park District of North Hills on what will become Raleigh’s tallest residential address, a 35-story tower named after Sir Walter Raleigh. Completion is scheduled for the second quarter of 2022. The project is being built with a $112 million loan funded by AIG ($77 million) and United States Life Insurance Co. ($35 million).
Located at 4000 Front at North Hills St., the asset will feature 33 residential levels for a total of 376 apartments with floorplans including studios and one- to three-bedroom units. On the ground floor, Walter Tower will be served by a grand lobby and 6,500 square feet of retail space, as well as 1,082 parking spaces. Residents will enjoy exclusive access to nearly 25,000 square feet of indoor and outdoor amenities.
4. Alta Davis, Morrisville, N.C.
Wood Partners broke ground on Alta Davis in July 2020, with completion estimated for the third quarter of 2022. The luxury development features 25,000 square feet of retail space and 403 apartments across seven four-story buildings on a 21-acre lot. First-Citizens Bank and Trust Co. contributed to the construction of the project with a $45.2 million loan, according to Yardi Matrix.
Located at 615 Corbett St., the property is minutes away from Research Triangle Park and close to the Imperial Center Business Park and Perimeter Parks, all major employment hubs in the city, which combined contribute with more than 60,000 square feet to the area. The unit mix features studios and one- to three-bedroom floorplans ranging from 626 square feet to 1,422 square feet, all served by elevators. Leasing started in September.
3. LC Brier Creek, Morrisville, N.C.
Lifestyle Communities’ 408-unit townhome community at 3818 Page Road is slated for completion by the end of 2021 and has a second phase in the planning stage. The 21-building property is spread across 8 acres and features 412 parking spaces.
The development has an onsite restaurant and coffee shop, a wellness space and a coworking space. Apartments feature one- and two-bedroom floorplans ranging from 808 square feet to 1,353 square feet. Leasing started in August 2020 and the property was 99 percent pre-leased at the end of October 2021.
2. Park, Chapel Hill, N.C.
Woodfield Investments is developing a 414-unit property on the site of a former apartment community built in 1966 named The Colony. According to Yardi Matrix data, the asset is being built with aid from a $64.3 million construction loan issued by Citizens Financial Group and is slated for completion in mid-2022.
The four-building community will have its own parking deck and has in the planning phase several smaller three-story buildings. The project includes bike lanes and additional sidewalks along this stretch of Ephesus Church Road. Rounding out the project will be a new connection between Fordham Boulevard and Ephesus Church Road, the Elliot Road extension.
1. Olde Towne – Phase I, Raleigh, N.C.
The Halle Cos. purchased in late 2018 a 515-acre site, just 12 minutes from Downtown Raleigh. Previously, the site was intended for a golf course and thousands of new homes.
Following a rezoning request that included up to 450 apartments, a 300,000-square-foot shopping center with grocery store and nine stand-alone restaurants on 102 acres on South New Hope Road, development started on a 450-unit community. The project is funded by Manufacturers and Traders Trust Co. with a $39 million construction loan, according to Yardi Matrix data. The anticipated completion is set for early 2023.