Developers answer affordable housing call in Southeast Raleigh
Developers answer affordable housing call in Southeast Raleigh
Two real estate companies are planning new developments in Southeast Raleigh designed to add to the city's supply of affordable housing.
Minnesota-based Oppidan Investment Company recently submitted new site plans for Birch and Branch Apartments at 3499 Middle Branch Road. The project calls for 180 affordable units inside the Beltline.
Site plans show there eight 3-story buildings with a mix of one-, two- and three-bedroom units. The one-bedroom units will be 792 square feet, two-bedrooms 1,095 square feet and the three bedrooms 1,216 square feet. Units will have walk-in closets, energy star appliances and a balcony or patio.
The units would be offered at 30, 50, 60 and 70 percent of the area’s median income.
The development includes a clubhouse, fitness room, business center, playground and picnic shelter on-site. The company will provide 254 surface parking spaces.
The lack of affordable housing is a key issue in Raleigh as more and more luxury housing is built, rental rates rise and owning a home becomes less attainable for many first-time buyers.
Noah Wagner, lead developer for Oppidan's affordable and workforce housing platform, said the estimated cost for the project will be $50 million. Oppidan expects to start construction by the end of the year with an estimated completion in 2025. Financing for the project is provided through low-income housing tax credits from the North Carolina Housing Finance Agency and tax-exempt bonds from the Raleigh Housing Authority.
“Oppidan is committed to delivering value in every community in which it develops, which is why affordable housing is a top priority for us in Raleigh," Wagner said. "This and our Pines at Peach Road project are our first affordable housing communities in North Carolina. We’re excited to find more opportunities to bring more affordable housing options to the community in the future.”
A limited partnership addressed to Hatch, Little & Bunn law firm owns the 9.91-acre property. The assessed value is approximately $388,512.
Oppidan is also currently developing The Pines at Peach Road, a 119-unit affordable housing complex in on S. Wilmington Street in Raleigh.
Oppidan is a national development firm that focuses on development, capital markets and asset, property and construction project management. It has more than $4.3 billion in project value and has developed more than 565 projects in 40 states and Canada.
The company is also behind a $100 million development in Apex.
Outside the Beltline
Sticking to Southeast Raleigh but moving further south and just outside the Beltline is South Creek Development’s location for the company’s proposed affordable housing apartments.
Based out of Summerfield, North Carolina, South Creek Development has submitted site plans for Terrace at Rock Quarry Apartments with 132 units.
The site at 3425 Rock Quarry Road is near the Interstate 40 and I-440 interchange. Site plans show there will be one 4-story building with one- and two-bedroom units. Plans show 36,907 square feet of indoor amenity space and 8,743 square feet of outdoor amenity space.
Some amenities include an outdoor sitting area, gazebo, tenant storage room, fitness room and a multi-purpose room with kitchenette. The company will provide 132 parking spaces in a surface parking lot.
South Creek Development did not respond to inquiries about the project, and it's unclear how the units will be priced. South Creek has other communities in North Carolina and South Carolina that typically rent between 30 to 60 percent AMI.
Cost and timeline for the project are also unknown.
Redeeming Love Missionary Baptist Church owns the 14.68-acre property with the church building on-site. The assessed value is about $2.6 million.
South Creek has another affordable housing project underway on Rock Quarry Road – called Rock Quarry Landing. It will have 188 units and is scheduled to be complete in the third quarter of 2023.
South Creek is a development company specializing in providing housing for families and seniors who live on moderate or fixed incomes.
Other affordable housing projects in Raleigh include CASA’s proposal for 205 units downtown near the corner of West Jones Street and North Boylan Avenue. Over on Capital Boulevard next to the Ashton Square shopping plaza is the location for a proposed 195-unit apartment community by The Annex Group, an affordable housing developer.
Media Inquires Contact: [email protected]
