Listed by Foundry Commercial Raleigh
Unpriced
Angier Avenue
Details
APN 0840425408; 0840521154
Property Type Land
Sub Type Multifamily
Acreage 32.690
Zoning RS-M (D)
Investment Type Redevelopment
Land | 32.69 acres
Marketing description
Foundry Commercial, a North Carolina Broker, Has Been Retained as The Exclusive Agent for The Owner of Angier Avenue Multifamily (the "property"), a ±32.69-Acre Multifamily Development Opportunity Located Along Angier Avenue (8,700 Vpd), Five Minutes from The 1-885 East End Connector, and Nine Minutes from Downtown Durham. the Site Was Successfully Rezoned to Residential Suburban Multifamily (rs-M) with An Approved Development Plan in May 2022. the Approved Development Plan Allows for Up to 521 Apartment Units (16 Units per Acre) Which Can Be Constructed Across Two Phases. the Property Is Bifurcated by Little Lick Creek Which Provides a Natural Phasing Line and Creates a Unique Area for Greenspace and Walking Trails. the Property Previously Received Site Plan and Construction Drawing Approval for Phase 1 (334 Units), Which Have Recently Expired. Given the Level of Work Previously Completed on The Site, Significant Due Diligence Is Available. Considering the In-Place Zoning, Approved Development Plan, and Strong Path-Of-Progress Location, Angier Avenue Multifamily Provides a Truly Unique Opportunity to Capitalize on A Rapidly Growing Submarket with Significant Scale.
With a Successful Rezoning Unlocking the Potential for Higher Density Development of The Site, Ownership Has Committed to Several Offsite Road Commitments and Affordable Housing Obligations. Select Infrastructure Commitments Include Constructing a Portion of Laurel Drive (+840 Feet), Addition of A Transit Stop Along Angier Avenue, a New 10' Wide Shared Greenway Facility, as Well as A 5' Wide Sidewalk Along Angier Avenue. the Property Will Require a Sewer Extension of ±2,300 Feet from Hwy 70 and Extension of A Water Line Within Laurel Drive of ±900 Feet, with Capacities Approved via Utility Extension Agreement. Additionally, 10% of The Units at Initial Occupancy Are Required to Be Affordable at Or Below 60% Ami and Must Remain Below 80% Ami After Initial Occupancy (durham Udo Section 17.3), for A Minimum of 30 Years. Phase 1 Will Include 31 Affordable Units Consisting of 6 Ane Bedroom Units, 19 Two Bedroom Units, and 6 Three Bedroom Units. Phase 2 Will Have 31 Affordable Units with The Final Bedroom Mix Determined Based on Market Demand.
The Property Is Well Located with Proximity to 1-885 (5 Minutes), Downtown Durham (9 Minutes), Brier Creek (9 Minutes), and Research Triangle Park (10 Minutes). This Location Provides Ease of Access to Some of The Largest Employment Centers in The Triangle as Well as A Robust Offering of Retail and Commercial Amenities Located Less than 10 Minutes from Both Downtown Durham and Rtp, the Property Provides Incredible Access to A Robust Offering of Employers Including Apple, Eli Lily, Fujifilm, Google, Duke University, and Avalara. the Surrounding Area Has Seen Robust Growth in The Last Few Years Across All Segments Including Multifamily, For-Sale Residential, and Industrial Development. the Nearby Ellis Station Garden Community Is Achieving Impressive Average Rents of $2.01 Psf. For-Sale Townhomes Have Also Demonstrated Strong Demand with Aver 129 Newly Built Units Sald Within a 3-Mile Radius in The Last 12 Months at An Average Sales Price of $368,200, Offering a Differentiation in Product Type for Phase 2.
Investment highlights
- In-Place Zoning with An Approved Development Plan for Up to 521 Units
- Robust Nearby Rent Comparables Averaging $1,753 per Unit ($1.85 Psf)
- Utility Capacity Confirmed via An Approved Utility Extension Agreement with The City of Durham
- Incredibly Well Located with Ease of Access to Employment in Downtown Durham (9 Minutes) and Rtp (10 Minutes)
- Significant Due Diligence Complete on The Site Including Survey and Geotechnical Repart
Listing Contacts
Listed by Foundry Commercial Raleigh
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Zoning
RS-M(D) ResidentialMulti FamilyResidential Suburban Multifamily
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