Vanguard Morrisville, Morrisville, NC 27601

Avison Young's Carolinas Multifamily team is pleased to offer ±22.62 acres for sale, known as (the "Property" or "Vanguard Development Land"). This offering contains one parcel controlled by one family that is interested in the sale of the property for future development.

This property is currently zoned OI, allowing for an excellent development opportunity in one of the strongest submarkets in the Triangle. Higher density plans with up to 18 units per acre are achievable through a rezoning and site plan approval process. With average effective rental rates of $1.50/sf, or $1,504/unit in the East Durham submarket, this Property provides a viable opportunity to offset variable costs in development with high historical rent growth for new product as demand continues to outpace supply.

The Property is conveniently located just off I-40 and Page Road and to the north of the I-540/I-40 crossroads, minutes from downtown Durham, RDU International Airport, Research Triangle Park, Apple's recently announced campus and a diverse array of national retailers. Many irreplaceable employment opportunities continue to expand the boundaries of the Research Triangle Park.

Office and Institutional (OI) zoning provides a variety of commercial uses, including residential multifamily, office and retail. The Property has a topography that is gently rolling with moderate grading and clearing required for development. The Property is visible from I-40 and sits on an incline from the roadway, allowing great visibility for vertical developments.

As growth in the Triangle market continues to surge, there is limited developable land for multifamily purposes that is zoned to expedite the development process. The rezoning process can take upwards of nine to 12 months and could be subject to various rezoning costs.