North Carolina’s second largest metro area positions itself as one of the fastest-growing regions in the U.S., with its recent economic recovery said to have attracted billions of investment dollars to the local real estate market.
But how many new apartments have been delivered in 2015 to sustain the Triangle’s growth? We set out to find the answer and, with the help of Yardi Matrix, we pinpointed all rental developments of 50 or more units completed last year, and ranked the biggest ones (by number of units).
A total of 21 rental developments of 50+ units were completed throughout 2015; dispersed throughout the region – with 10 of the new rental communities being located in Raleigh, 6 in Durham, 4 in Cary, and one in Chapel Hill – the properties added a striking total of 4,998 new apartments to the Triangle’s rental inventory. The 4,998 new apartments added in 2015 are on par with 2014 numbers, when 18 major projects were completed, delivering 5,101 rental units.
64% of all new apartments added by this segment (3,209 units) were part of the 10 biggest rental developments completed last year – ranking led by the Bradford project, which alone brought 390 rental units to market, and Marshall Park Apartments, with 385 units. And with renowned universities like Duke, University of North Carolina at Chapel Hill, and North Carolina State nearby, the ranking wouldn’t be complete without the presence of 2 student housing projects.
What other projects made the list of the Triangle’s 10 biggest rental developments completed in 2015? Here’s a breakdown:
#10. Walnut Terrace: 273 rental units
Address: 1256 McCauley Street, Raleigh, NC 27601
Rental types: 218 one-bedroom apartments, 55 two-bedroom apartments
Property size: 224,991 sq.ft. 1, 2 and 3 story building
Short description: Spacious affordable apartments in Downtown Raleigh, located within walking distance from Fayetteville Street District and Walnut Terrace. Beautiful skyline views, spacious, open floor plans, pet friendly, private outdoor terraces.
Photo credits: Walnut Terrace Official Website
#9. Parkside Place: 294 rental units
Address: 200 Dominion Oak circle, Cary, NC 27519
Rental types: 138 one-bedroom apartments, 138 two-bedroom apartments, 12 three-bedroom apartments
Property size: 281,490 sq.ft., 3 story building
Short description: A complete package of amenities and access to the diverse culture of Cary. Major Street Exposure – State Highway 55. Game room, resort-style pool, 2 outdoor fireplaces w/seating, 24 hour fitness center w/yoga room.
Photo credits: Parkside Place Official Website
#8. Apartments at Palladian Place: 298 rental units
Address: 260 Leigh Farm Road, Durham, NC 27707
Rental types: 168 one-bedroom apartments, 118 two-bedroom apartments, 12 three-bedroom apartments
Property size: 308,994 sq.ft., 3 and 4 story building
Short description: Located at I-40 & NC-54 on Leigh Farm Road, close to great employers, shops, services, recreation and entertainment in both Durham and Chapel Hill. Easy commute to Research Triangle Park and Raleigh. Beautiful mature tree-lined wooded views, iPhone compatible programmable thermostats, electronic entry locks, premier strength and cardio facility, salt water pool with sun shelf, chat pool with built-in seating and integrated fountains.
Photo credits: Apartments at Palladian Place Official Website
#7. The Avenues: 298 rental units
Address: 2601 Noblewood Circle, Raleigh, NC 27604
Rental types: 143 one-bedroom apartments, 123 two-bedroom apartments, 23 three-bedroom apartments
Property size: 298,830 sq.ft., 2, 3, 4, 5 and 6 story building
Short description: Located near 440, minutes from downtown and walking distance to the Greenway, The Avenues offers one-, two-, and three-bedroom modern apartment homes. State-of-the-art fitness center, movie theater, conference and meeting room, game room, bocce ball court.
Photo credits: The Avenues Official Website
#6. Stanhope: 300 rental units
Address: 3001 Hillsborough St, Raleigh, NC 27607
Rental types: 56 studio, 12 one-bedroom apartments, 92 two-bedroom apartments, 108 three-bedroom apartments, 32 four-bedroom apartments
Property size: 337,190 sq.ft., 5 and 6 story building, first floor includes retail
Short description: Student apartment community located on Hillsborough Street, next to the NC State, and near restaurants and services. Art studio, ballet bar, cyber lounge with Mac & PC Computers, oasis saltwater pool with splash deck, outdoor TV lounge & firepit.
Photo credits: Stanhope Official Website
#5. Berkshire Ninth Street: 303 rental units
Address: 749 9th Street, Durham, NC 27705
Rental types: 209 one-bedroom apartments, 86 two-bedroom apartments, 8 three-bedroom apartments
Property size: 273,820 sq.ft., 4 story building
Short description: Situated in Durham’s Ninth Street District, close to fine dining restaurants, celebrated bars, numerous coffee shops, a variety of retail shops, and at walking distance to Duke University & Medical Center. Resort-style saltwater pool plaza, 4,000-square-foot high endurance fitness center with flex studio and rock climbing, bike storage and repair room.
Photo credits: Berkshire Ninth Street Official Website
#4. SkyHouse Raleigh: 320 rental units
Address: 308 South Blount Street, Raleigh, NC 27601
Rental types: 76 studio, 158 one-bedroom apartments, 62 two-bedroom apartments, 18 three-bedroom apartment
Property size: 254,388 sq.ft., 20, 22 and 23 story building, first floor includes retail
Short description: SkyHouse Raleigh has world-class amenities and is located in downtown Raleigh, steps away from some of the city’s best shopping, dining, and entertainment destinations. Amenities include a sun-soaked saline pool with amazing skyline views, a poolside lounge, 24-hour state-of-the-art fitness center, terrace with fireplaces, grills, and outdoor seating.
Photo credits: SkyHouse Raleigh Official Website
#3. Amberton at Stonewater: 348 rental units
Address: 2000 Teaching Drive, Cary, NC 27519
Rental types: 85 one-bedroom apartments, 180 two-bedroom apartments, 84 three-bedroom apartments
Property size: 371,889 sq.ft., 3 story building
Short description: enjoy exquisite amenities at this resort-inspired apartment community near Cary Town Center, William B. Umstead Park, Streets of Southpoint Mall, Research Triangle Park, the RDU International Airport, not to mention the I-40, I-540, and Highway 55. Amenities include a children’s fitness center & play area, community gas grill on pool deck, electric car charging station, gourmet coffee & tea bar.
Photo credits: Amberton at Stonewater Official Website
#2. Marshall Park: 385 rental units – Check availability
Address: 3950 Fairsted Drive, Raleigh, NC 27612
Rental types: 1 guest-suite, 244 one-bedroom apartments, 160 two-bedroom apartments
Property size: 367,084 sq.ft., 4 and 5 story building
Short description: Marshall Park features luxurious finishes and spectacular amenities. Direct Greenway trail access, seconds to the Beltline, and minutes from the Crabtree Valley Mall. Dedicated Greenway Tower with rooftop terrace and views of the Greenway, 24/7 fitness club plus fitness studio with virtual trainer & spin cycles, saltwater pool and sundeck plus outdoor kitchen and grills, garden courtyards with grills, bocce ball lawn, putting green, and fire pit.
Photo credits: RENTCafé
#1. The Bradford: 390 rental units
Address: 21035 Bradford Green, Cary, NC 27519
Rental types: 188 one-bedroom apartments, 147 two-bedroom apartments, 55 three-bedroom apartments
Property size: 437,947 sq.ft., 2 and 4 story building
Short description: Located in Preston, near high-end boutiques, services & restaurants. Amenities include a golf simulator and indoor putting green, indoor pet salon and outdoor dog park, saltwater pool with sun shelf and built-in seating, outdoor pool cabana with TV, grills and kitchen.
Photo credits: The Bradford Official Website