13 Nov Novare Group, Batson-Cook Development Company Planning Raleigh Apartment Community
A joint venture among Novare Group, Batson-Cook Development Company (BCDC) and Marble Capital has closed on the purchase of a 10.99 acre site formerly owned by AT&T on Glenwood Avenue between Raleigh’s outer and inner beltlines.
The partnership is planning a 248-unit luxury apartment community as part of a larger mixed-use project on the property. With studios, one, two and three-bedroom residences, the community will feature a clubhouse with business center, game room, fitness center and swimming pool. The existing AT&T Operations Center will remain active for the immediate future.
“We are excited to announce our latest community in Raleigh with our partners Batson-Cook Development Company and Marble Capital,” said Jim Borders, President and CEO, Novare Group. “We have enjoyed working with AT&T to give new life to and convert its existing operations center site into a mixed use community to serve the Raleigh market for generations to come.”
“We have been thrilled with the success of our partnerships in the triangle, and we are honored to have the opportunity to bring another project to this thriving region,” said Litt Glover, President and CEO, BCDC. “It is always a pleasure to join Jim Borders and his team at Novare Group in bringing next-generation housing to markets where it is in high demand.”
The community will be 15 minutes from Raleigh-Durham International Airport with easy access to major employment centers, including the Glenwood Avenue Corridor, downtown Raleigh, Research Triangle Park and Durham, all within 25 minutes. Additionally, with the Crabtree Valley Mall and the Townridge and North Hills shopping centers all being in close proximity, residents will have strong retail amenities within a 10-minute drive.
The community is also within walking distance of the Crabtree Creek Greenway Trail.
The Glenwood Avenue corridor has experienced tremendous growth with new office and retail development occurring to meet the rising demand and population in the area.
Novare Group, BCDC and Marble Capital are investors in the project, with Cadence Bank and Atlantic Capital Bank providing debt financing for the multifamily community. Humphrey’s & Partners Architects is the architect, Kimley-Horn and Associates is the civil engineer and Construction Enterprises, Inc. is the general contractor.
Construction is expected to commence in December, with a target opening in fall of 2022.
About Novare Group
Novare Group is a real estate development and investment company headquartered in Atlanta, Ga. Since 1992, Novare Group has developed over 16,000 residential units across a variety of product types across the southern and western United States. Learn more by visiting www.novaregroup.com.
Founded in 1963, Batson-Cook Development Company, BCDC, is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. It is a wholly-owned subsidiary of Kajima USA. Learn more by visiting www.batsoncookdev.com.
About Marble Capital
Marble Capital is a principal investor providing capital solutions to multifamily developers and operators nationwide. Since its inception in 2016, the firm has invested in ~10,000 multifamily units worth $2 billion in total capitalization. Learn more by visiting www.marblecapitallp.com.