By Barbra Murray, Contributing Writer
Crescent Resources L.L.C. has kicked off the development of Gallery at Cameron Village, the real estate company’s 282-unit luxury apartment project in Raleigh, N.C. Gallery will be the first residential property at Cameron Village, a sprawling mixed-use destination owned by Regency Centers.
Designed by Cline Design Associates, Gallery will feature amenities reflecting the premier quality of its Cameron Village surroundings, including its own 16,000 square-foot public retail segment, as well as a wine bar and demonstration kitchen exclusive to residents. The $50 million endeavor, located at the intersection of Clark Ave. and Oberlin Rd., is being partially financed with Crescent equity.
Crescent’s lease-up efforts should not present too much of a challenge. Gallery’s status as the only apartment property in popular Cameron Village will help fill up the tenant roster, as will the Raleigh area’s favorable market conditions. According to a report by real estate research firm Real Data, increasingly high demand and limited supply have driven up the average occupancy rate to 93.3 percent, a level not seen in the area since 1999.
“Cameron Village is a commanding retail and dining gathering place in Raleigh,” Brian Natwick, president of Crescent’s multifamily division, tells MHN. “With the outstanding location, our unique design and program, and the recovering economy, the time is right for residential at Cameron Village.”
Cox Schepp Construction Inc. is serving as general contractor for the multifamily project, which is on schedule to deliver its first apartments in spring 2013.