Atlanta-based apartment builder Residential Group of Atlanta paid $2.5 million for 15 acres of bank-owned property in Raleigh’s Brier Creek area. Should it secure financing, Residential Group plans to build as many as 280 rental apartment units, the new company’s first acquisition. Not to be outdone, Epoch Properties of Florida has contracted to purchase some 18 acres in North Raleigh on which it plans to build a 276-unit rental project. Epoch has already filed site plans for The Jamison at Brier Creek. According to Kurt Alexander, a Residential Group principal and former York Residential LLC executive, “Raleigh is one of those market that investors are still talking about.” A link to the full article sits here.
Afield from the rental market, the Chapel Hill luxury condominium market has likewise shown life. In the past year alone, 11 condominium units priced in excess of $750,000 have sold to buyers at three separate locations. The Journal reports that Chapel Hill developers are finding demand despite continued economic malaise.
Cary, a suburb of Raleigh, is witnessing its own residential real estate buying spree. Luxury home builders Toll Brothers has been slowly staking an ownership claim in loan portfolios and joint ventures with private equity groups having an interest Amberly. Amberly, a 1,100-acre residential community, fell on hard times when the Town halted the issuance of building permits after discovering that the bank (Amtrust Bank, closed by the FDIC in 2009) and the developer (L.M. Sandler & Sons) defaulted on the commitment to complete public infrastructure improvements. Of particular interest, the Town council was to vote this past Thursday, September 30 on a temporary (2-year) ordinance amendment allowing builders to contribute to those improvement costs.
Mike Thelen is an associate in Womble Carlyle’s Real Estate and Real Estate Litigation practice groups. He regularly represents a wide variety of clients in land use issues, from local governments to businesses, in both state and federal venues throughout North Carolina.
Categories: Economic Development