19 Jan Conclave Glenwood
Land acquisition and development of a garden-style, class A multi-family development in Raleigh, NC. 248 units (210,016 NRSF) and surface (392 spaces) parking.
The site is ideally located along the highly trafficked Glenwood Avenue between Raleigh’s outer and inner beltlines (I-440 and I-540) and is just 15 minutes away from Raleigh-Durham International Airport. This convenient and accessible location will provide residents 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 most every retail amenity within a 10-minute drive. The location of the Project is well situated for new multi-family development given the strong local rental fundamentals proximate to the Crabtree commercial center. The immediate area has experienced tremendous growth recently with new office and retail development occurring to meet the rising demand and population in the area, which bodes well for new multi-family development.
The Property’s 248 units are comprised of four different unit types, including studio units (36, 15% of total), one-bedroom units (136, 55% of total), two-bedroom units (60, 24% of total), and three-bedroom units (16, 6% of total). The unit sizes range from 582 SF – 1,380 SF and average a total of 847 SF.
Raleigh, North Carolina
Co-Sponsors: BCDC/Novare Group
Lender: Cadence Bank
Preffered Equity: Marble Capital
Architect: Humphrey’s & Partners Architects
General Contractor: Construction Enterprises, Inc. (CEI)
Lease Up Underway