Raleigh, NC–Ground has been broken for the Gallery at Cameron Village, a 282-unit apartment project with 16,000 square feet of retail space in Raleigh. According to the developer, Charlotte-based Crescent Resources LLC, the first apartments will be available in spring 2013.
The development will replace a vacant office building and gas station that are being razed. Jacksonville-based Regency Centers, which owns the Cameron Village shopping district, will market the retail space.
The developer says that the $50 million project will be built to achieve LEED certification. The property will feature a number of other amenities, such as a wine bar, demonstration kitchen, business center and entertaining areas, as well as a fitness center. Gallery will also include a pool plaza with a sun deck, grilling stations and social areas.
“The project is financed in part by Crescent equity,” a spokesman for Crescent tells MHN. “The company will also be making an announcement in the next few days about mezzanine financing and the construction loan.”
The Raleigh/Durham apartment market has, like many markets nationwide, become stronger lately. Strong demand and limited new supply have put downward pressure on vacancies and upward pressure on rents. According to Real Data, which tracks apartment markets in the southeastern U.S., the current vacancy rate for the market is 6.7 percent, its lowest level since 1999.